A law office recently announced that it filed a securities class action claim on behalf of shareholders of a consumer finance company due to potential securities violations.
Bernstein Liebhard, LLP, noted that the litigation was filed in the U.S. District Court for the District of South Carolina against World Acceptance Corporation. This includes all individuals who acquired interests in the company during the class period between April 25, 2013, and March 12, 2014.
The lawsuit alleges that World Acceptance Corporation violated the Securities Exchange Act of 1934. This was through a number of statements that were either false of misleading regarding the business' practices, future prospects and operations. Some of these issues included the company not informing shareholders that its loan practices were not in line with multiple laws and that its financial controls and other internal checks were not up to par.
Shareholders who are interested in taking up the lead plaintiff position in the case need to speak with the court and file the proper paperwork by June 23, 2014. This is open to any stockholders who either still own shares or lost money during the aforementioned class period. The court will go through an approval process to determine who will take the position. It is not mandatory to apply for this in order to collect in the event of a financial return.
It is also an option to speak with the law office to learn more about various aspects of the case and the process. It is possible to discuss these matters with Joseph Seidman, who can be reached by telephone or email.
Separate investigation begins
A different law firm noted that it will be looking to find out if the company was in violation of federal laws. This could also become a class action lawsuit in the future.
Law office Pomerantz, LLP, noted that it is investigating the claims against World Acceptance Corporation for many of the aforementioned reasons. The company allegedly violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
For any shareholders who are interested in learning more about this process and how it may affect them, discussing matters with the law firm is an option. The best person to speak with is Robert Willoughby, and he can be reached by telephone or email.