Settlement of Edna Selan Epstein v. World Acceptance Corporation, et al.
Civil Action No. 6:14-cv-01606-MGL
The parties have reached a settlement of this action, pending in the United States District Court for the District of South Carolina. The settlement provides for the payment of $16,000,000 for the benefit of eligible Settlement Class Members. Lead Plaintiff Operating Engineers Construction Industry and Miscellaneous Pension Fund alleged that Defendants violated §§10(b) and 20(a) of the Securities Exchange Act of 1934 by, among other things, issuing false and misleading statements or failing to disclose material adverse facts about World Acceptance Corporation’s (“World Acceptance” or the “Company”) business, operations, and prospects, including that the Company’s loan practices did not comply with the Consumer Financial Protection Act and/or the Truth in Lending Act. Lead Plaintiff also alleged that the Company lacked adequate internal and financial controls, and as a result, the Company’s stock traded at artificially inflated prices during the Class Period.
The Settlement Class consists of all Persons who purchased or otherwise acquired World Acceptance common stock between January 30, 2013 and August 10, 2015, inclusive. Excluded from the Settlement Class are: World Acceptance; the affiliates and subsidiaries of World Acceptance; the Individual Defendants; members of the Immediate Family of each of the Individual Defendants; the Officers and directors of World Acceptance during the Class Period; the heirs, successors, and assigns of any excluded person or entity; and any entity in which any excluded person has or had a controlling interest. Also excluded from the Settlement Class is any Settlement Class Member that validly and timely requests exclusion in accordance with the requirements set by the Court.
The settlement was preliminarily approved by the Court on August 31, 2017. The Court has scheduled a final approval hearing for December 18, 2017, at 11:00 a.m.
If you are a Settlement Class Member, to receive a payment from the settlement proceeds, you must submit a claim form postmarked no later than January 17, 2018. The claim form can be obtained by clicking on the Proof of Claim and Release link below.
Alternatively, you can submit your claim online. Online claims must be submitted by January 17, 2018. For more information, and to file your claim online, visit the Claims Administrator’s World Acceptance Securities Settlement website at www.WorldAcceptanceSecuritiesSettlement.com.
If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900.