RADNOR, PA--(Marketwired - Jun 17, 2014) - The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action has been filed against World Acceptance Corporation (
World Acceptance shareholders may, no later than June 23, 2014, move the Court for appointment as a lead plaintiff of the Class. Shareholders who wish to discuss this action and their options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706. For additional information about this lawsuit, or to request information about this action online, please visit http://www.ktmc.com/case/World_Acceptance_Corporation.
World Acceptance is one of America's largest providers of installment loans. The Company offers short-term small loans, medium-term larger loans, and related credit insurance products and services to individuals who have limited access to other sources of consumer credit.
On March 13, 2014, World Acceptance disclosed that it had received a Civil Investigative Demand from the Consumer Financial Protection Bureau with the stated purpose of uncovering whether the Company "ha[s] been or [is] engaging in unlawful acts or practices in connection with the marketing, offering, or extension of credit" in violation the Consumer Financial Protection Act, the Truth in Lending Act or other consumer protection laws. Following this disclosure, shares of the Company's stock declined $19.07 per share, or 19.6 percent, to close on March 13, 2014 at $78.25 per share.
The Complaint alleges that World Acceptance and certain of its executive officers violated the Securities Exchange Act of 1934 during the Class Period by making a series of false and misleading statements to shareholders and by failing to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the Complaint alleges that the defendants made false and misleading statements and failed to disclose that: (i) the Company's loan practices did 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 above, the Company'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.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or (610) 667-7706, or via e-mail at email@example.com.
Members of the class may, no later than June 23, 2014, move the Court to serve as a lead plaintiff of the class. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that a 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 affected by the decision of whether or not to serve as a lead plaintiff. Any member of the purported 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. The complaint in this action was not filed by Kessler Topaz Meltzer & Check.
For additional information about this lawsuit, or to request information about this action, please visit http://www.ktmc.com/case/World_Acceptance_Corporation.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.