Glancy Prongay & Murray LLP Announces Investigation on Behalf of PriceSmart, Inc. Investors (PSMT)
LOS ANGELES--(BUSINESS WIRE)--Jan 25, 2019--National Shareholder Rights Law Firm Glancy Prongay & Murray LLP (“GPM”) announces an investigation on behalf of PriceSmart, Inc. (“PriceSmart” or the “Company”) (NASDAQ: PSMT ) investors concerning the Company and its officers’ possible violations of federal securities laws.
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On October 25, 2018, PriceSmart filed a Form 8-K disclosing that investors should not rely on certain previously issued financial statements due to a “balance sheet misclassification.” According to the 8-K, the Company’s Audit Committee met on October 24, 2018 and determined that, as a result of the misclassification, certain financial statements would need to be restated. The Company also “expects to include in its Form 10-K a conclusion that there was a material weakness in internal controls over financial accounting related to this misclassification.”
On this news, PriceSmart’s share price fell $12.41, to close at $69.16 on October 26, 2018, thereby injuring investors.
If you purchased PriceSmart securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20190125005495/en/
CONTACT: Glancy Prongay & Murray LLP, Los Angeles/New York
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
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PUB: 01/25/2019 05:47 PM/DISC: 01/25/2019 05:47 PM