SAN FRANCISCO, Jan. 29, 2019 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP alerts investors in PriceSmart, Inc. (NASDAQ: PSMT) of the Firm's investigation of admitted improper accounting. If you purchased or otherwise acquired PriceSmart securities before October 26, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing
On October 25, 2018, PriceSmart and senior management announced (a) investors should no longer rely on financial statements for the three, six, and nine month periods ended November 30, 2017, February 28, 2018, and May 31, 2018. January 24, 2019, (b) the Company overstated cash and cash equivalents, and (c) CEO Jose Luis Laparte submitted his resignation the day before, which the Board accepted.
This news drove the price of PriceSmart shares down $12.41, or over 15%, to close at $69.16 on October 26, 2018.
"We're focused on investors' losses and the extent to which they were misled by the Company's and management's admitted false accounting," 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 national investor-rights law firm headquartered in Seattle, Washington with 80+ attorneys in 10 offices across the country. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000
SOURCE Hagens Berman Sobol Shapiro LLP