August 11, 2015
Bernstein Liebhard LLP is investigating whether World Acceptance Corp. (“World Acceptance” or “the Company”) (NASDAQ: WRLD) issued materially false and misleading statements to investors in violation of the federal securities laws.
On August 10, 2015, after the market closed, the Company disclosed that the Consumer Financial Protection Bureau (“CFPB”) expects to bring civil charges against World Acceptance. The Company said the CFPB’s enforcement unit expects to allege that the Company violated the Consumer Financial Protection Act of 2010 with respect to its marketing and lending practices. The CFPB has been investigating World Acceptance’s marketing, offering and extension of credit for more than a year.
On this news, WRLD stock fell over $19.50 per share, or more than 37% from its closing price of $51.80 per share August 10, 2015 during intraday trading on August 11, 2015.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs’ firms in the country.