World Acceptance Corp. Says Probe Into Mexico Operations Underway - Quick Facts

(RTTNews) - While reporting its fourth-quarter financial results today, World Acceptance Corp. (WRLD) said that as announced previously, it is conducting an investigation of its operations in Mexico.

The company is focusing on the legality under the U.S. Foreign Corrupt Practices Act and certain local laws of certain payments related to loans, the maintenance of its books and records associated with such payments, and the treatment of compensation matters for certain employees.

World Acceptance Corp. said it promptly retained outside legal counsel and forensic accountants to lead the investigation upon receipt of an anonymous letter regarding compliance matters, and has voluntarily contacted the U.S. Securities and Exchange Commission or SEC and the U.S. Department of Justice or DOJ to advise both agencies that an investigation is underway.

The company added that it is committed to compliance with applicable laws and regulations, intends to cooperate fully with both the SEC and the DOJ, and is continuing to develop and execute a remediation plan to ensure compliance with applicable laws and regulations, and to remediate the material weaknesses in its internal control over financial reporting.