PriceSmart, Inc. (NASDAQ: PSMT)
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Hagens Berman Sobol Shapiro LLP alerts investors in PriceSmart, Inc. (NASDAQ: PSMT) to the July 22, 2019 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the Southern District of California.
If you purchased or otherwise acquired securities of PSMT between October 26, 2017 and October 25, 2018 and suffered losses you do not need to sign up to be included in the putative class of investors. If you suffered losses in excess of $50,000, you may qualify to be a lead plaintiff – one who selects and oversees the attorneys prosecuting the case. If you wish to serve as a lead plaintiff in this class action 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.
According to the complaint, Defendants misled investors by concealing material weaknesses in PriceSmart’s internal controls over financial reporting. More specifically, Defendants admittedly overstated the Company’s cash and cash equivalent balances during the three, six and nine month periods ended November 30, 2017, February 28, 2018, and May 31, 2018.
“We’re focused on investors’ losses, management’s statements about PriceSmart’s immediate sources of liquidity, circumstances surrounding the CEO’s abrupt departure during October 2018, and whether investors may have been misled,” said Hagens Berman partner Reed Kathrein.
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