|Company name||PriceSmart, Inc.|
NEW YORK, October 4, 2019 – Bragar Eagel & Squire, P.C. is investigating potential claims against the Board of Directors of PriceSmart, Inc. (NASDAQ: PSMT) on behalf of Stockholders.
On May 22, 2019 a class action complaint was filed against PriceSmart for violations of the Federal Securities Laws.
The complaint filed in the class action alleges 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, defendants failed to disclose to investors: (1) that the company’s omni-channel business strategy had failed to reach key operating goals; (2) that the company’s South America distribution strategy had failed to realize key cost saving goals; (3) that the company had invested Trinidad and Tobago dollars into certificates of deposits with financial institutions; (4) that these investments had been improperly classified as cash and cash equivalents; (5) that the relevant corrections would materially impact financial statements; (6) that there was a material weakness in the company’s internal controls over financial reporting; (7) that increasing competition negatively impacted the company’s revenue and profitability; and (8) that, 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 are a long term stockholder, 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 firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.