The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of World Acceptance Corp. (NASDAQ:WRLD) shares was launched concerning potential breaches of fiduciary duties by certain World Acceptance officers and directors.
Investors who purchased shares of World Acceptance Corp. (NASDAQ:WRLD) in 2013 or earlier and currently hold any of those NASDAQ:WRLD shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain World Acceptance officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
On July 3, 2013, World Acceptance Corp. announced that it would be unable to timely file a complete Annual Report for the fiscal year that ended on March 31, 2013 with the Securities and Exchange Commission. Shares of World Acceptance Corp. (NASDAQ:WRLD) dropped from $88.71 per share on July 3, 2013, to $75.30 per share on July 9, 2013.
On March 13, 2014, World Acceptance Corp. announced that the Consumer Financial Protection Bureau (“CFPB”) issued a Civil Investigation Demand to the company on March 12, 2014. According to World Acceptance, the CFPB 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 certain sections of the Consumer Financial Protection Act, the Truth in Lending Act, and other Federal consumer financial laws.
In April 2014, a lawsuit was filed against World Acceptance Corp over alleged Violations of Federal Securities Laws. The plaintiff alleges that defendants made false and/or misleading statements and/or failed to disclose that World Acceptance Corporation’s loan practices do not abide by the Consumer Financial Protection Act and/or the Truth in Lending Act, that World Acceptance Corporation lacked adequate internal and financial controls; and that as a result of the above, World Acceptance Corporation’s financial statements, assurances and expectations with regard to the Company’s growth, operations and business prospects were false and misleading at all relevant times.
Those who purchased shares of World Acceptance Corp. (NASDAQ:WRLD) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com