Bernstein Liebhard LLP Announces That A Class Action Has Been Filed Against World Acceptance Corporation
April 23, 2014
Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the District of South Carolina on behalf of purchasers (the “Class”) of common stock of World Acceptance Corporation (“World” or the “Company”) (NASDAQ: WRLD) during the period of April 25, 2013 through March 12, 2014 (the “Class Period”).
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 those who have limited access to other sources of consumer credit.
The complaint alleges violations of the Securities Exchange Act of 1934. Specifically, the complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements, as well as failed to disclose material adverse facts, about the Company’s business, operations, and prospects. The Company failed to disclose that: (i) its loan practices did not abide by the Consumer Financial Protection Act and/or the Truth in Lending Act; (ii) it lacked adequate internal and financial controls; and (iii) as a result of the above, its financial statements, assurances and expectations with regard to growth, operations and business prospects were false and misleading at all relevant times.
Plaintiffs seek to recover damages on behalf of all Class members who invested in World common stock during the Class Period. If you invested in World common stock as described above, and either lost money on the transaction or still hold the security, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than June 23, 2014.
A “lead plaintiff” is a representative party that acts 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. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last twelve years.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the District of South Carolina.