Our securities attorneys are investigating claims on behalf of investors of World Acceptance Corporation (WRLD) regarding allegations that the company may have issued materially misleading statements regarding its business prospects to investors. On June 14, 2017, it announced that it will launch an internal investigation into its operations in Mexico, focusing on the legality of certain payments related to loans.
World Acceptance Corporation Delays 10-K Filing, Announces Internal Investigation
World Acceptance Corporation is a small-loan consumer finance company. On June 14, 2017, after the close of trading, the company disclosed the following in an SEC filing:
World Acceptance Corporation (the “Company”) is currently unable to file, without unreasonable effort and expense, its Annual Report on Form 10-K for the fiscal year ended March 31, 2017 (the “Form 10-K”). The Company is conducting an internal investigation of its operations in Mexico, 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. (Emphasis added.)
Upon releasing this news, the stock price dropped nearly 10% on June 15, 2017 in intraday trading, causing significant harm to investors.
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