SAN DIEGO, Feb. 01, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit is pending in South Carolina on behalf of certain purchasers of shares of World Acceptance Corp. (NASDAQ:WRLD) over alleged Securities Laws Violations by World Acceptance.
Investors who purchased shares of World Acceptance Corp. (NASDAQ:WRLD) prior to April 2013 and continue to hold any of those NASDAQ:WRLD shares have also certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
In July 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.
In March 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 securities laws violations. The plaintiff claimed 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.
In August 2014 the lead plaintiff filed an amended complaint and in September 2014 the defendants filed their motion to dismiss the case.
In December 2015 the plaintiff filed a second amended complaint and on January 29, 2016 defendants filed their motion to dismiss the case.
Those who purchased World Acceptance Corp. (NASDAQ:WRLD) prior to April 2013 and continue to hold any of those NASDAQ:WRLD shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.