The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of California on behalf of investors who purchased PriceSmart, Inc. (NASDAQGS: PSMT) securities between October 26, 2017 and October 25, 2018.
According to the PriceSmart lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose 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) that 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 suffered a loss in PriceSmart you have until July 22, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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