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SAN FRANCISCO, May 28, 2019 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, with nine offices in eight cities around the country and eighty attorneys, alerts investors in PriceSmart, Inc. (NASDAQ: PSMT) to the securities class action, Harari v. PriceSmart, Inc., et al., No. 3:19-cv-00958, pending in the United States District Court for the Southern District of California.
If you purchased or otherwise acquired PriceSmart securities between October 26, 2017 and October 25, 2018 (the “Class Period”) and suffered losses you do not need to sign up to be included in the putative class of investors.
If you suffered substantial 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, you must move the Court no later than July 22, 2019 (the “Lead Plaintiff deadline”). Contact Hagens Berman immediately for more information about the case and being a lead plaintiff:
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
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.
Whistleblowers: Persons with non-public information regarding PriceSmart should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email PSMT@hbsslaw.com.
About Hagens Berman
Hagens Berman is a nationwide law firm that represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000