Rosen Law Firm Announces Investigation of Securities Fraud Claims Against World Acceptance Corporati
Rosen Law Firm Announces Investigation of Securities Fraud Claims Against World Acceptance Corporation
NEW YORK--(BUSINESS WIRE)-- The Rosen Law Firm announces that it is investigating potential securities claims against World Acceptance Corp. (Nasdaq: WRLD.) on behalf of investors. The investigation results from the Word Acceptance's inability to complete its fiscal 2012 audit and file its annual report because of issues related to the Company's allowance for loan losses.
On July 3, 2013, World Acceptance issued a press release stating that it was not able to complete its latest annual report for fiscal year ended March 3, 20121 because of problems related to its allowance for loan losses. The Company said, it has encountered unexpected delays related to additional reviews and analysis that are needed to support its allowance for loan losses, or the funds set aside to cover loans that go unpaid.
World Acceptance further announced that it may report a material weakness in its internal control over financial reporting related to the allowance for loan losses. On this news, World Acceptance shares fell $10.51 or 11%, to close at $78.20 per share on July 5, 2013.
The Rosen Law Firm is preparing a class action lawsuit as a result of this adverse information. If you purchased Worldcare Acceptance securities during the period from January 3, 2013 through July 3, 2013, you may visit the website at http://rosenlegal.com to join the class action. You may also contact Phillip Kim, Esq. or Kevin Chan of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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The Rosen Law Firm P.A.
Laurence M. Rosen, Esq.
Phillip Kim, Esq.
Kevin Chan
275 Madison Avenue 34th Floor
New York, New York 10016
Tel: (212) 686-1060
Weekends Tel: (917) 797-4425
Toll Free: 1-866-767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
kchan@rosenlegal.com
tbrown@rosenlegal.com
www.rosenlegal.com
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