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NEW YORK, June 18, 2019 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announced today that approximately five weeks remain to make a motion to serve as a lead plaintiff in a securities class action alleging claims on behalf of those who purchased or acquired the securities of PriceSmart, Inc. (“PriceSmart,” “PSMT” or the “Company”) (NASDAQ: PSMT) between October 26, 2017 and October 25, 2018, both dates inclusive (the “Class Period”). The lawsuit, filed in the United States District Court for the Southern District of California, seeks to recover damages for PriceSmart investors under the Securities Exchange Act of 1934.
If you purchased PSMT securities, and/or would like to discuss your legal rights and options, please visit PriceSmart PSMT Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
According to the lawsuit, 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.
On October 25, 2018, the Company disclosed that it would have to restate certain financial statements to correct a balance sheet misclassification of certain assets. PSMT also disclosed poor operating results for the fourth quarter and year ended August 31, 2018, and that its Chief Executive Officer had resigned.
On this news, PriceSmart’s share price fell $12.41, or more than 15%, to close at $69.16 on October 26, 2018, thereby injuring investors.
If you wish to serve as lead plaintiff in the PriceSmart class action, you must move the court no later than July 22, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you take no action, you may remain an absent class member.
If you purchased PriceSmart securities, and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/pricesmart-psmt-lawsuit-class-action-fraud-stock-134/or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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