Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq. a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”) announces that KSF has commenced an investigation into World Acceptance Corp. (Nasdaq: WRLD).
In a notice filed with the Securities Exchange Commission on July 3, 2013, World Acceptance, a subprime consumer lending company, announced that the Company would be unable to timely file a complete Annual Report for the fiscal year that ended on March 31, 2013. The Company disclosed that the delay related to problems with its allowance for loan losses, or funds set aside to cover loans that go unpaid. The Company further disclosed that “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, shares of World Acceptance fell over 11%, closing at $78.20 a share on July 5, 2013.
KSF’s investigation is focusing on whether World Acceptance and/or its officers and directors violated state or federal securities laws.If you have information that would assist KSF in its investigation, or would like to discuss your legal rights, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis Kahn ( firstname.lastname@example.org) or KSF Partner Melinda Nicholson ( email@example.com) toll free at 1-877-515-1850. About Kahn Swick & Foti, LLC KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders. To learn more about KSF, you may visit www.ksfcounsel.com.