San Diego, CA -- (SBWIRE) -- 04/28/2014 -- An investor, who purchased shares of World Acceptance Corp. (NASDAQ:WRLD), filed a lawsuit in the U.S. District Court for the District of South Carolina over alleged violations of Federal Securities Laws by World Acceptance Corp. in connection with certain allegedly false and misleading statements made between April 25, 2013 and March 12, 2014.
If you purchased shares of World Acceptance Corp. (NASDAQ:WRLD), you have certain options and for certain investors are short and strict deadlines running. Deadline: June 23, 2014. NASDAQ:WRLD investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of World Acceptance Corp. (NASDAQ:WRLD) between April 25, 2013 and March 12, 2014, that World Acceptance Corp. and certain of its officers and directors violated Federal Securities Laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff claims that defendants made allegedly false and/or misleading statements and/or failed to disclose that World Acceptance Corp’s loan practices do not abide by the Consumer Financial Protection Act and/or the Truth in Lending Act, that World Acceptance Corp lacked adequate internal and financial controls; and that as a result of the above, World Acceptance Corp’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.
World Acceptance Corp. reported that its Total Revenue rose from $440.64 million for the 12 months period that ended on March 31, 2010 to $583.72 million for the 12 months period that ended on March 31, 2013, and that its Net Income for those respective time periods increased from $73.66 million to $104.09 million. Shares of World Acceptance Corp. (NASDAQ:WRLD) grew from $11.26 per share in March 2009 to as high as $94.14 per share on June 6, 2013.
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. Shares of World Acceptance fell from $97.96 per share on March 12, 2014, to $71.85 per share on March 26, 2014.
On April 25, 2014, NASDAQ:WRLD shares closed at $79.40 per share.
Those who purchased shares of World Acceptance Corp. (NASDAQ:WRLD) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego