Lieff Cabraser Announces Class Action Litigation Against World Acceptance Corp. - WRLD

Business Wire

SAN FRANCISCO--(BUSINESS WIRE)--

The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of those who purchased or acquired the common stock of World Acceptance Corp. (“World” or the “Company”) (WRLD) between April 25, 2013 and March 12, 2014, inclusive (the “Class Period”).

If you purchased or acquired World common stock during the Class Period, you may move the Court for appointment as lead plaintiff by no later than June 23, 2014. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.

World investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.

Background on the World Securities Class Litigation

The action charges World and certain of its officers with violations of the Securities Exchange Act of 1934. World, headquartered in Greenville, South Carolina is one of America’s largest providers of installment loans, offering small loans, medium-term larger loans, and related credit insurance products and services to those who have limited access to other sources of consumer credit.

The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) World’s loan practices do not abide by the Consumer Financial Protection Act or the Truth in Lending Act; (ii) the World lacked adequate internal and financial controls; and (iii) as a result of the above, the Company’s financial statements with regard to its growth, operations and business prospects were false and misleading at all relevant times.

On March 13, 2014, World disclosed that it had received a Civil Investigative Demand from the U.S. Consumer Financial Protection Bureau 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” and “to determine whether Bureau action to obtain legal or equitable relief would be in the public interest.”

On this news, the price of World’s common stock fell $19.07 per share, or 19.59%, from a closing price of $97.32 on March 12, 2014, to close at $78.25 on March 13, 2014, on extremely heavy trading volume.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for eleven years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law Firm of the Year” each year the publications have given this award to law firms.

For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contact:
Lieff Cabraser Heimann & Bernstein, LLP
Sharon M. Lee, 1-800-541-7358
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