Cases
PriceSmart, Inc. (NASDAQ: PSMT)
Securities Class Action
Overview
Overview
- Date:
- 7/17/2019
- Company Name:
- PriceSmart, Inc.
- Stock Symbol:
- PSMT
- Class Period:
- FROM 10/26/2017 TO 10/25/2018
- Status:
- Closed/Complete
- Court:
- U.S. District Court: District of Southern California
NEW YORK, July 17, 2019 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of all persons or entities who purchased or otherwise acquired PriceSmart, Inc. (NASDAQ: PSMT) securities between October 26, 2017 and October 25, 2018 (the “Class Period”). Investors have until July 22, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, the complaint alleges that defendants failed to disclose to investors that: (1) the company’s omni-channel business strategy had failed to reach key operating goals; (2) the company’s South America distribution strategy had failed to realize key cost saving goals; (3) the company had invested Trinidad and Tobago dollars into certificates of deposits with financial institutions; (4) these investments had been improperly classified as cash and cash equivalents; (5) the relevant corrections would materially impact financial statements; (6) there was a material weakness in the company’s internal controls over financial reporting; (7) increasing competition negatively impacted the company’s revenue and profitability; and (8) as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased PriceSmart securities pursuant to and/or traceable to the IPO and suffered a loss, have information, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, the complaint alleges that defendants failed to disclose to investors that: (1) the company’s omni-channel business strategy had failed to reach key operating goals; (2) the company’s South America distribution strategy had failed to realize key cost saving goals; (3) the company had invested Trinidad and Tobago dollars into certificates of deposits with financial institutions; (4) these investments had been improperly classified as cash and cash equivalents; (5) the relevant corrections would materially impact financial statements; (6) there was a material weakness in the company’s internal controls over financial reporting; (7) increasing competition negatively impacted the company’s revenue and profitability; and (8) as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased PriceSmart securities pursuant to and/or traceable to the IPO and suffered a loss, have information, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.