BENSALEM, Pa., Jan. 31, 2019 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces an investigation on behalf of PriceSmart, Inc. investors (“PriceSmart” or the “Company”) (NASDAQ: PSMT ) concerning the Company and its officers’ possible violations of federal securities laws.
On October 25, 2018, PriceSmart filed a Form 8-K disclosing non-reliance on previously issued financial statements, citing discovery of “balance sheet misclassification.” According to the 8-K, the Audit Committee met on October 24, 2018 and determined that, as a result of the misclassification, certain financial statements would need to be restated; in addition, 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, shares of PriceSmart fell $12.41 per share, 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com , or visit our website at www.howardsmithlaw.com .
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Contacts Law Offices of Howard G. Smith Howard G. Smith, Esquire 215-638-4847 888-638-4847 howardsmith@howardsmithlaw.com www.howardsmithlaw.com
