NEW YORK, July 15, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at World Acceptance Corp. ("World Acceptance" or the "Company") (NASDAQ: WRLD).
The investigation focuses on whether World Acceptance and certain of its executives and/or directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On July 3, 2013, World Acceptance issued a press release stating that "we were unable to file certain portions of our Annual Report . . . because of unexpected delays in completing our financial statements relating to additional review and analysis needed to support the Company's allowance for loan losses" and, as a result of management's ongoing assessment of these issues, "it is possible that the Company's amended Form 10-K will report a material weakness in its internal control over financial reporting relating to its process for determining its allowance for loan losses. . . ."
Following this news, the price of World Acceptance stock fell more than 11%, to a closing price of $78.20 per share on July 5, 2013, on heavy trading volume.
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If you invested in World Acceptance stock or options and would like to discuss your legal rights, visit www.faruqilaw.com/WRLD. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding World Acceptance's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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