NEW YORK, Nov. 7, 2017 /PRNewswire/ -- Juan Monteverde, founder and managing partner at Monteverde & Associates PC, a boutique securities firm headquartered at the Empire State Building in New York City announces an investigation against World Acceptance Corporation(NasdaqGS: WRLD)("World Acceptance" or the "Company") for possible violations of federal securities laws.
The investigation focuses on whether World Acceptance and certain of its officers and/or directors violated federal securities laws.
On June 14, 2017 World Acceptance revealed that it would postpone filing its annual report on Form 10-K with the U.S. Securities and Exchange Commission ("SEC"), citing an internal probe of its Mexico operations. According to the filing, the Company is "focusing on the legality under the U.S. Foreign Corrupt Practices Act and certain local laws of certain payments related to loans, the maintenance of the Company's books and records associated with such payments, and the treatment of compensation matters for certain employees." Following this announcement World Acceptance's share price fell from $83.30 per share on June 14, 2017 to a closing price of $73.00 on June 15, 2017.
Then on August 8, 2017, the Company disclosed that the SEC had "issued a formal order of investigation" in connection with the internal investigation, causing the stock dropped $1.74 per share, or 2.16%, to close at $78.68 on August 9, 2017.
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Monteverde & Associates PC is a boutique class action securities and consumer litigation law firm committed that has recovered millions of dollars and is committed to protecting shareholders and consumers from corporate wrongdoing. Monteverde & Associates PC lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions, whereby they protect investors by recovering money and remedying corporate misconduct. Mr. Monteverde, who leads the legal team at the firm, has been recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013 and 2017, an award given to less than 2.5% of attorneys in a particular field.
Juan E. Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
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