NEW YORK, May 14, 2019 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces it has commenced an investigation of PriceSmart, Inc. (PSMT) concerning possible violations of federal securities laws.
On October 25, 2018, PriceSmart filed a Form 8-K disclosing non-reliance on previously issued financial statements, citing discovery of “balance sheet misclassification.” According to the 8-K, the Audit Committee met on October 24, 2018 and determined that, as a result of the misclassification, certain financial statements would need to be restated; in addition, PriceSmart also “expects to include in its Form 10-K a conclusion that there was a material weakness in internal controls over financial accounting related to this misclassification.” Following this news, shares of PriceSmart fell from a close of $81.57 per share on October 25, 2018, to a close of $69.16 the following business day. To obtain additional information, go to:
or contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972.
Levi & Korsinsky is a national firm with offices in New York, California, Connecticut and Washington D.C. The firm’s attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Eduard Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171