NEW YORK, July 8, 2013 /PRNewswire/ --Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of World Acceptance Corp. ("World Acceptance" or the "Company") (NASDAQ: WRLD) (CUSIP: 981419104) who purchased World Acceptance common stock between January 30, 2013 and July 3, 2013 (the "Class Period"). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 237.
The investigation concerns whether World Acceptance and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
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 31 because of problems related to its allowance 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 announcement, World Acceptance shares fell $10.51 over 11%, to close at $78.20 per share on July 5, 2013.
The Pomerantz Firm, with offices in New York, Chicago, San Diego, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
rswilloughby@pomlaw.com
SOURCEPomerantz Grossman Hufford Dahlstrom & Gross LLP
