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Law Offices of Howard G. Smith Announces Investigation on Behalf of Investors of World Acceptance Corporation |
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| 2013/7/9 |
Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of purchasers of the securities of World Acceptance Corporation (“World Acceptance Corp.” or the “Company”) (NASDAQ:WRLD) concerning possible violations of federal securities laws. The investigation focuses on certain statements issued by the Company concerning World Acceptance Corp.’s financial performance.
“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”
World Acceptance Corp. engages in small-loan consumer finance business in the United States and Mexico, primarily offering consumer installment loans, as well as related credit insurance and ancillary products and services to individuals. The investigation is related to the Company’s disclosure that the Company was unable to timely file a complete Annual Report on Form 10-K for the fiscal year ended March 31, 2013 because of unexpected delays in completing the Company’s financial statements for that period.
In a Notification of Late Filing filed July 3, 2013 with the Securities and Exchange Commission, the Company explained 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 Corp. stock fell more than 11%, to a closing price of $78.20 per share on July 5, 2013, on heavy trading volume.
If you purchased World Acceptance Corp. stock, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com. |
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| Contacts |
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Contact : Howard G. Smith, Esquire
Company : Business Wire
Country : United States
Telephone : 215-638-4847
Email : howardsmith@howardsmithlaw.com
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