IRAC Brief Shareholder Class Action: Case Analysis
IRAC Brief Shareholder Class Action Week 6 Amy Ramkey, Anita Hicks, Charles Cohen, Christina Medina
LAW531 Business Law
June 2, 2014
Professor Sonja Dickens IRAC Brief Shareholder Class Action
Introduction:
Issue: Whether World Acceptance Corp violated the Securities Exchange Act of 1934 by making false and/or misleading statements, as well as failing to disclose material adverse facts about the Company 's business, operations, and prospects. (www.marketwatch.com)
Rule: The rule that applies to this case is the Securities Exchange Act of 1943. “This act specifically regulates all tender offers, whether they are made with securities, cash, or other consideration, and it establishes certain disclosure requirements and antifraud provisions” (Cheeseman, 2013). …show more content…
(www.marketwatch.com) It is said that World Acceptance provided misleading statements about operations and prospects. It is also provided that the company was not abiding by the Consumer Financial Protection Act. The company also did not provide adequate information in regards to the internal and financial controls. (www.marketwatch.com) The company also made several violations to the consumer protection acts.
Anyone that purchased any shares from the company can request information on filing a claim by contacting the lead attorney on the case for the plaintiffs. They can also have any questions answered in regards to the lawsuit. Since the lawsuit hit the news reports the shares for the company have dropped by 20%. This information was as of March 13, 2014.
LAW531 Business Law
June 2, 2014
Professor Sonja Dickens IRAC Brief Shareholder Class Action
Introduction:
Issue: Whether World Acceptance Corp violated the Securities Exchange Act of 1934 by making false and/or misleading statements, as well as failing to disclose material adverse facts about the Company 's business, operations, and prospects. (www.marketwatch.com)
Rule: The rule that applies to this case is the Securities Exchange Act of 1943. “This act specifically regulates all tender offers, whether they are made with securities, cash, or other consideration, and it establishes certain disclosure requirements and antifraud provisions” (Cheeseman, 2013). …show more content…
(www.marketwatch.com) It is said that World Acceptance provided misleading statements about operations and prospects. It is also provided that the company was not abiding by the Consumer Financial Protection Act. The company also did not provide adequate information in regards to the internal and financial controls. (www.marketwatch.com) The company also made several violations to the consumer protection acts.
Anyone that purchased any shares from the company can request information on filing a claim by contacting the lead attorney on the case for the plaintiffs. They can also have any questions answered in regards to the lawsuit. Since the lawsuit hit the news reports the shares for the company have dropped by 20%. This information was as of March 13, 2014.