PriceSmart, Inc. (NASDAQ: PSMT)
Hagens Berman Sobol Shapiro LLP alerts investors in PriceSmart, Inc. (NASDAQ: PSMT) to the firm's investigation of admitted improper accounting.
If you purchased or otherwise acquired securities of PSMT before October 26, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more infomation contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing PSMT@hbsslaw.com.
On October 25, 2018, PriceSmart and senior management announced (a) investors should no longer rely on financial statements for the three, six, and nine month periods ended November 30, 2017, February 28, 2018, and May 31, 2018. January 24, 2019, (b) the Company overstated cash and cash equivalents, and (c) CEO Jose Luis Laparte submitted his resignation the day before, which the Board accepted.
This news drove the price of PriceSmart shares down $12.41, or over 15%, to close at $69.16 on October 26, 2018.
“We’re focused on investors’ losses and the extent to which they were misled by the Company’s and management’s admitted false accounting,” said Hagens Berman partner Reed Kathrein.
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