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NEW YORK, May 23, 2019 (GLOBE NEWSWIRE) -- 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.
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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 during the Class Period or continue to hold shares purchased before the Class Period, 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 Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the PriceSmart lawsuit, please go to https://bespc.com/pricesmart/. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.