Shareholder Alert: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of World Acceptance Corp.
NEW YORK, March 27, 2014 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of World Acceptance Corp. ("World Acceptance" or the "Company") (NYSE: WRLD). The investigation focuses on whether the Company and its executives violated federal securities laws.
On July 5, 2013, shares of World Acceptance fell $10.51 or 11.85% to close at 78.20 after the company disclosed in a regulatory filing it hasn't been able to complete its latest annual report because of problems related to its allowance for loan losses. The Company said it has encountered unexpected delays related to additional reviews and analysis that are needed to support its allowance for loan losses, or the funds set aside to cover loans that go unpaid.
Then on March 13, 2014, the Company announced in a regulatory filing that the Consumer Financial Protection Bureau ("CFPB") issued a Civil Investigation Demand ("CID") to the company on March 12, 2014. According to World Acceptance, the CFPB investigation is 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" in violation of certain sections of the Consumer Financial Protection Act, the Truth in Lending Act, and other Federal consumer financial laws.
On this news, shares of World Acceptance fell $19.07, or approximately 20%, to close at $78.25, on unusually heavy trading volume, on March 13, 2014.
If you are aware of any facts relating to this investigation, or purchased shares of World Acceptance you can assist this investigation by contacting either Peretz Bronstein or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC