Breach of duty investigation: World Acceptance Corp. (NASDAQ: WRLD)
Read more about the investigation in a SC Biz News report, including commentary from Motley Rice securities fraud lawyer William Norton, “FCPA compliance starts with the board of directors and senior executives setting the proper ‘tone at the top’ and culture for the rest of the company. When a company terminates its internal audit executives for voicing compliance concerns — particularly when that company was allegedly engaged in a longstanding bribery scheme — it suggests a failure in corporate governance that should trouble shareholders.”
Motley Rice LLC is investigating whether certain officers and directors of World Acceptance Corp. (NASDAQ: WRLD) breached their fiduciary duties to shareholders. World Acceptance Corp. is a consumer loan company headquartered in Greenville, S.C.
On Aug. 6, 2020, World Acceptance Corp. agreed to pay $21.7 million to resolve claims by the U.S. Securities and Exchange Commission (SEC) that the company’s former subsidiary in Mexico paid millions in bribes to that country’s government and union officials. According to the SEC’s order, “the tone at the top from [WRLD] management did not support robust internal audit and compliance functions, and undermined the effectiveness of those functions.”
If you have information that is relevant to the investigation or you would like to discuss the allegations, you may contact Motley Rice securities fraud lawyers Gregg Levin, Joshua Littlejohn and William Norton by calling 1-800-768-4026 toll free, or by completing this webform.