World Acceptance Corp. (NASDAQ:WRLD), a lender offering small loans to unbanked and under-banked consumers in the United States and Mexico, failed to submit its amended Form-10K for fiscal 2013 with the Securities and Exchange Commission within the 15-day extension period.
Based on the original Form 12b-25 filing of World Acceptance Corp. (NASDAQ:WRLD), unexpected delays in completing its financial statements were caused by additional reviews and analysis required to support the lender’s allowance for loan losses.
World Acceptance Corp. (NASDAQ:WRLD) anticipated that it would be able to file the amendment to its Form 10K containing the portions omitted from its financial statements within the 15-day extension period at the time when it filed the original Form 12b-25.
Financial Statements Under Audit
According to the lender, “further delays and additional analysis required to support our allowance for loan losses” prevented it from submitting its complete Form 10-K with the SEC.
World Acceptance Corp. (NASDAQ:WRLD) said it will submit its amended Form 10-K “as soon as practicable” after completing the analysis and audit of its financial statements and internal control over financial reporting. The lender said it intends to submit the regulatory filing by July 31, 2013.
The company said its amended Form 10-K would include results of its operations for the quarter and fiscal year that ended in March 31, 2013. World Acceptance Corporation (NASDAQ:WRLD) anticipates that it would be materially consistent with the results of operations reported in its press release last April 25.
Whitney Tilson Calls WAC A Predator
The lender also indicated the possibility that its amended regulatory filing would contain “material weakness in its internal control over financial reporting” in connection with the process of determining the allowance for loan losses and the measures undertaken to remediate any material weakness.
Meanwhile, in May, hedge fund manager Whitney Tilson described World Acceptance Corp. (NASDAQ:WRLD) as a predator and one of the most despicable business models he had ever seen since the subprime crisis. At that time, Tilson revealed that he is shorting the stock of the company.
Based on an article published by ProPublika, Tilson said, “Reading the details about what the company does makes me sick, especially how they target members of the military. I haven’t seen anything this scummy since the worst of the subprime mortgage lenders at the peak of the housing bubble.”