World Acceptance Corporation (NASDAQ: WRLD) Investor Securities Class Action Lawsuit 04/23/2014

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Company Name(s): 
World Acceptance
Case Name: 
World Acceptance Shareholder Class Action Lawsuit 04/23/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: WRLD
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/23/2014
Class Period Begin: 
01/30/2013
Class Period End: 
08/10/2015
Court of Filing: 
U.S. District Court for the District of South Carolina
Deadline To File for Lead: 
06/23/2014
Date Settled: 
08/31/2017
Settlement Amount: 
$16,000,000
Deadline to Participate in Settlement: 
01/17/2018
Summary: 

August 31, 2017 - The court preliminarily approved the settlement.

August 25, 2017 - Parties filed a stipulation of settlement.

August 24, 2016 - The court denied defendants' motion to dismiss.

January 29, 2016 - Defendants filed a motion to dismiss.

December 18, 2015 - The lead plaintiffs filed another amended complaint.

May 18, 2015 - The court denied defendants' motion to dismiss.

September 16, 2014 - Defendants filed a motion to dismiss.

August 12, 2014 - The lead plaintiffs filed an amended complaint on behalf of investors who purchased World Acceptance Corporation (NASDAQ: WRLD) common shares between January 30, 2013 and April 28, 2014. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 30, 2013 and April 28, 2014.

July 22, 2014 - The lead plaintiff and lead counsel were appointed.

April 22, 2014 - An investor in shares of World Acceptance Corporation (NASDAQ: WRLD) filed a lawsuit in the U.S. District Court for the District of South Carolina against World Acceptance Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 25, 2013 and March 12, 2014.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of World Acceptance Corporation (NASDAQ: WRLD) between April 25, 2013 and March 12, 2014, that World Acceptance Corporation and certain of its officers and directors violated Federal Securities Laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff claims that defendants made allegedly false and/or misleading statements and/or failed to disclose that World Acceptance Corporation's loan practices do not abide by the Consumer Financial Protection Act and/or the Truth in Lending Act, that World Acceptance Corporation lacked adequate internal and financial controls; and that as a result of the above, World Acceptance Corporation’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.

World Acceptance Corporation reported that its Total Revenue rose from $440.64 million for the 12 months period that ended on March 31, 2010 to $583.72 million for the 12 months period that ended on March 31, 2013, and that its Net Income for those respective time periods increased from $73.66 million to $104.09 million. Shares of World Acceptance Corporation (NASDAQ: WRLD) grew from $11.26 per share in March 2009 to as high as $94.14 per share on June 6, 2013.

On July 3, 2013, World Acceptance Corporation announced that it would be unable to timely file a complete Annual Report for the fiscal year that ended on March 31, 2013 with the Securities and Exchange Commission. Shares of World Acceptance Corporation (NASDAQ: WRLD) dropped from $88.71 per share on July 3, 2013, to $75.30 per share on July 9, 2013.

On March 13, 2014, World Acceptance Corporation announced that the Consumer Financial Protection Bureau ("CFPB") issued a Civil Investigation Demand 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. Shares of World Acceptance fell from $97.96 per share on March 12, 2014, to $71.85 per share on March 26, 2014.

On April 22, 2014, World Acceptance Corporation (NASDAQ: WRLD) shares closed at $81.94 per share.