World Acceptance Corporation
Company Name | World Acceptance Corporation |
Stock Symbol | WRLD |
On February 23, 2024, the Consumer Financial Protection Bureau (“CFPB”) announced that it had ordered federal supervision for World Acceptance after determining that “World Acceptance does not adequately explain to its customers that the insurance coverage [it] offers is optional,” that the Company “engages in excessive, harassing, and coercive collection practices,” that it “furnishes inaccurate information to consumer reporting agencies or fails to adequately respond to consumer disputes regarding the accuracy of information it has furnished,” and that its business model “relies on serially refinancing its loans.”
On this news, World Acceptance’s stock price fell $11.23, or 8.7%, to close at $118.59 per share on February 26, 2024, thereby injuring investors.
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