Rigrodsky & Long, P.A.:
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Do you, or did you, own shares of World Acceptance Corporation
(NASDAQ GS: WRLD)?
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Did you purchase your shares before April 25, 2013, or between
April 25, 2013 and March 12, 2014, inclusive?
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Did you lose money in your investment in World Acceptance
Corporation?
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Do you want to discuss your rights?
Rigrodsky
& Long, P.A., including former Special Assistant United States
Attorney, Timothy J. MacFall, announces that a complaint has been filed
in the United States District Court for the District of South Carolina
on behalf of all persons or entities that purchased the common stock of
World Acceptance Corporation (“World Acceptance” or the “Company”)
(NASDAQ GS: WRLD)
between April 25, 2013 and March 12, 2014, inclusive (the “Class
Period”), alleging violations of the Securities Exchange Act of 1934
against the Company and certain of its officers (the “Complaint”).
If you purchased shares of World Acceptance during the Class Period, or
purchased shares prior to the Class Period and still hold World
Acceptance, and wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact Timothy
J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2
Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by
e-mail to info@rl-legal.com; or
at: http://www.rigrodskylong.com/investigations/world-acceptance-corporation-wrld.
World Acceptance operates a small-loan consumer finance business in
thirteen states and Mexico. The Complaint alleges that throughout the
Class Period, defendants made materially false and misleading
statements, and omitted materially adverse facts, about the Company’s
business, operations and prospects. Specifically, the Complaint alleges
that the defendants concealed from the investing public that: (i) the
Company’s loan practices do not abide by the Consumer Financial
Protection Act and/or the Truth in Lending Act; (ii) the Company lacked
adequate internal and financial controls; and (iii) as a result of the
foregoing, the Company’s statements were materially false and misleading
at all relevant times. As a result of defendants’ false and misleading
statements, the Company’s stock traded at artificially inflated prices
during the Class Period.
According to the Complaint, on March 13, 2014, the Company announced its
receipt of a Civil Investigative Demand (“CID”) from the U.S. Consumer
Financial Protection Bureau with the stated purpose of uncovering
whether World Acceptance “ha[s] been or [is] 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...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.” World Acceptance also announced in its
press release that the “CID contains broad requests for production of
documents, answers to interrogatories and written reports related to
loans made by the Company and numerous other aspects of the Company’s
business.”
On this news, shares in World Acceptance fell almost 20%, closing at
$78.25 per share on March 13, 2014, on heavy trading volume of over 2.3
million shares.
If you wish to serve as lead plaintiff, you must move the Court no later
than June 23, 2014. A lead plaintiff is a representative party
acting on behalf of other class members in directing the litigation. In
order to be appointed lead plaintiff, the Court must determine that the
class member’s claim is typical of the claims of other class members,
and that the class member will adequately represent the class. Your
ability to share in any recovery is not, however, affected by the
decision whether or not to serve as a lead plaintiff. Any member of the
proposed class may move the court to serve as lead plaintiff through
counsel of their choice, or may choose to do nothing and remain an
absent class member.
While Rigrodsky
& Long, P.A. did not file the Complaint in this matter, the
firm, with offices in Wilmington, Delaware and Garden City, New York, regularly
litigates securities class, derivative and direct actions, shareholder
rights litigation and corporate governance litigation, including
claims for breach of fiduciary duty and proxy violations in the Delaware
Court of Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar outcome.
Copyright Business Wire 2014