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CLASS ACTION UPDATE for PSMT, MBNKF, HL and AOS: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders

NEW YORK, June 11, 2019 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found at the links provided. There is no cost or obligation to you.

PriceSmart, Inc. (PSMT)
Class Period:
October 26, 2017 - October 25, 2018
Lead Plaintiff Deadline: July 22, 2019
Join the action: https://www.zlk.com/pslra-1/pricesmart-inc-loss-form?wire=3 

Allegations: PriceSmart, Inc. made materially false and/or misleading statements throughout the class period and/or failed to disclose 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) that 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.

To learn more about the PriceSmart, Inc. class action contact jlevi@levikorsinsky.com.

Metro Bank PLC (MBNKF)
Class Period:
March 6, 2018 - May 1, 2019
Lead Plaintiff Deadline: July 29, 2019
Join the action: https://www.zlk.com/pslra-1/metro-bank-plc-loss-form?wire=3 

Allegations: Metro Bank PLC made materially false and/or misleading statements and/or failed to disclose that: (1) Metro Bank misclassified the risk terms of many of its loans; (2) accordingly, Metro Bank failed to maintain sufficient capital; (3) this conduct would lead to investigations by the PRA and FCA; (4) this conduct would also lead to the reduction of deposits at Metro Bank from larger commercial and partnership clients; and (5) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

To learn more about the Metro Bank PLC class action contact jlevi@levikorsinsky.com.

Hecla Mining Company (HL)
Class Period:
March 19, 2018 - May 8, 2019
Lead Plaintiff Deadline: July 23, 2019
Join the action: https://www.zlk.com/pslra-1/hecla-mining-company-loss-form?wire=3 

Allegations: Hecla Mining Company made materially false and/or misleading statements throughout the class period and/or failed to disclose that: (a) the Nevada operations were hemorrhaging cash due to a multitude of material problems identified by Defendants during Hecla’s extensive due diligence of the Nevada mines before the  Class Period, and (b) as a result of these material problems, Defendants had no reasonable basis for their representations that the Nevada operations would be in a position to have positive or self-funding cash flow.

To learn more about the Hecla Mining Company class action contact jlevi@levikorsinsky.com.

A. O. Smith Corporation (AOS)
Class Period:
July 26, 2016 - May 16, 2019
Lead Plaintiff Deadline: July 29, 2019
Join the action: https://www.zlk.com/pslra-1/a-o-smith-corporation-loss-form?wire=3 

Allegations: During the class period, A. O. Smith Corporation made materially false and/or misleading statements and/or failed to disclose that: (a) A.O. Smith had undisclosed business connections and entanglements with UTP through which it funneled up to 75% of its China product sales; (b) A.O. Smith had used UTP to engage in channel stuffing by artificially inflating inventories purportedly sold through distributors that were not based on consumer demand, thereby approximately doubling the normal level of inventory at such distributors; (c) A.O. Smith had used its UTP relationship to artificially inflate the sales figures it reported to investors by as much as 8% and to conceal worsening sales trends that the Company was experiencing in China; (d) A.O. Smith’s sales growth had been primarily in lower margin products as its higher priced products were being undercut by competition in “second-tier” Chinese cities, causing the Company to experience significant margin pressures; (e) A.O. Smith had increased its cash reserves in China to over $530 million in furtherance of its channel stuffing and sales manipulation scheme, encumbering the Company’s ability to repatriate the cash or use it for capital expenditures; and (f) as a result of (a)-(e) above, A.O. Smith’s business, operations, and prospects were significantly worse than publicly represented and the Company was poised for sales and earnings declines in China, its most important international market.

To learn more about the A. O. Smith Corporation class action contact jlevi@levikorsinsky.com.

You have until the lead plaintiff deadlines to request the court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com