NEW YORK, NY--(Marketwired - Jun 18, 2014) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in World Acceptance Corporation ("World Acceptance" or the "Company") (
A complaint has been filed in the District of South Carolina on behalf of all persons who purchased or otherwise acquired World Acceptance common stock between April 25, 2013 and March 12, 2014, inclusive (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) World Acceptance's loan practices have not abided by the Consumer Financial Protection Act and/or the Truth in Lending Act; and (ii) the Company did not exercise adequate internal and financial controls.
On March 13, 2014, World Acceptance filed a Form 8-K announcing that it had received a Civil Investigation Demand from the U.S. Consumer Financial Protection Bureau, which stated "[t]he purpose of this investigation is to determine whether finance companies or other unnamed persons have been or are engaging in unlawful acts or practices in connection with the marketing, offering, or extension of credit in violation of Sections 1031 and 1036 of the Consumer Financial Protection Act, 12 U.S.C. 5531, 5536, the Truth in Lending Act, 15 U.S.C. 1601, et seq., Regulation Z, 12 C.F.R. pt. 1026, or any other Federal consumer financial law" and "also to determine whether Bureau action to obtain legal or equitable relief would be in the public interest."
Following this news, the price of World Acceptance shares declined by $19.07 per share, or over 19%, to close on March 13, 2014 at $78.25 per share.
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Take Action
If you invested in World Acceptance stock or options between April 25, 2013 and March 12, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/WRLD . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding World Acceptance's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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