LOS ANGELES, July 08, 2019 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against PriceSmart, Inc. (“PriceSmart” or “the Company”) (NASDAQ: PSMT) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's shares between October 26, 2017 and October 25, 2018, inclusive (the ''Class Period''), are encouraged to contact the firm before July 22, 2019.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at email@example.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. PriceSmart’s omni-channel business strategy failed to achieve its goals. The Company’s South American strategy also failed to achieve cost savings. The Company invested Trinidad and Tobago dollars in certificates of deposit with financial institutions, but improperly classified these investments as cash and cash equivalents. Correcting these misclassifications would materially impact the Company’s financial statements. The Company suffered from a material weakness in its internal controls over financial reporting. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about PriceSmart, investors suffered damages.
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