WAYNE, Pa., April 30, 2014 /PRNewswire/ -- The following statement was issued today by the law firm of Ryan & Maniskas, LLP:
Notice is hereby given that a class action lawsuit has been filed in the United States District Court for the District of South Carolina on behalf of purchasers of the common stock of World Acceptance Corp. ("World Acceptance" or the "Company") (NASDAQ: WRLD) between April 25, 2013 and March 12, 2014, inclusive (the "Class Period"). World Acceptance shareholders may, no later than June 23, 2014, move the Court for appointment as a lead plaintiff of the Class.
If you purchased shares of World Acceptance and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/wrld. You may also email Mr. Maniskas at [email protected].
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 brings forth claims for violations of the Securities Exchange Act of 1934. The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company's loan practices do not abide by the Consumer Financial Protection Act and/or the Truth in Lending Act; (ii) the Company lacked adequate internal and financial controls; and (iii) as a result of the above, the Company's financial statements, assurances and expectations with regard to the Company's growth, operations and business prospects were false and misleading at all relevant times.
On March 13, 2014, World Acceptance disclosed that it had received a subpoena from the Consumer Financial Protection Bureau as part of an investigation into potential violations of consumer protection laws. Upon the above news, shares of World Acceptance fell nearly 20% in trading on March 13, 2014.
If you are a member of the class, you may, no later than June 23, 2014, request that the Court appoint you as lead plaintiff of the class. 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 Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide. To learn more about the class action process, please visit: www.rmclasslaw.com.