SAN FRANCISCO, July 8, 2015 /PRNewswire/ -- Shareholder rights
law firm Schubert Jonckheer & Kolbe LLP is investigating
whether certain officers and directors of World Acceptance
Corporation (NASDAQ: WRLD) breached their fiduciary duties to the
Company and its shareholders.
On April 22, 2014, a class action
was filed on behalf of purchasers of the World Acceptance stock
during the period January 30, 2013
through April 28, 2014. The
class action alleges that the company violated the federal
securities laws by issuing false and misleading statements
regarding the company's value and growth, and engaging in and
concealing deceitful business and lending practices, which caused
the market price of World Acceptance shares to be inflated during
the class period. The suit further alleges that during the
class period, World Acceptance routinely boosted its effective
interest rates through two practices: the company bilked customers
into purchasing worthless credit insurance products and manipulated
them into refinancing loans, ignoring underwriting standards and
improperly recording such loans in violation of GAAP, in order to
create the misleading perception of significant loan
growth.
On May 28, 2015, the defendants'
motion to dismiss the class action complaint was denied.
Current World Acceptance shareholders who purchased their shares
prior to January 30, 2013 may be able
to pursue a shareholder derivative action through which World
Acceptance insiders may be held accountable for their actions,
prevent future misconduct, and bring long-term value back to the
company.
If you currently own World Acceptance stock and wish to obtain
additional information about the investigation and your legal
rights, please contact Miranda P.
Kolbe either via email at mkolbe@schubertlawfirm.com or by
telephone at (415) 788-4220, or fill out the form on our website at
http://classactionlawyers.com/worldacceptance
About Schubert Jonckheer & Kolbe
Schubert Jonckheer & Kolbe has extensive experience in
prosecuting securities claims, representing investors throughout
the nation in securities and shareholder lawsuits. Attorney
advertising. Prior results do not guarantee similar
outcomes.
Contact:
Miranda P. Kolbe
Schubert Jonckheer & Kolbe LLP
Three Embarcadero Center, Suite 1650
San Francisco, CA 94111
(415) 788-4220
mkolbe@schubertlawfirm.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/shareholder-alert-schubert-jonckheer--kolbe-llp-launches-investigation-of-world-acceptance-corporations-officers-and-directors-300110000.html
SOURCE Schubert Jonckheer & Kolbe LLP