Lead Plaintiff Deadline is July 22, 2019

NEW YORK and SAN DIEGO, June 06, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of those who acquired PriceSmart, Inc. (“PriceSmart” or the “Company”) (NASDAQ:PSMT) securities during the period from October 26, 2017 through October 25, 2019 (the “Class Period”).

Investors who purchased the shares of PriceSmart, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.

If you have incurred losses in the shares of  PriceSmart, Inc., you may, no later than July 22, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in PriceSmart, Inc.  

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The lawsuit alleges that PriceSmart made materially false and misleading statements and/or failed to disclose that:

• the Company’s omni-channel business strategy had failed to reach key operating goals;
   
• the Company’s South America distribution strategy had failed to realize key cost saving goals;
   
• the Company had invested Trinidad and Tobago dollars into certificates of deposits with financial institutions;
   
• these investments had been improperly classified as cash and cash equivalents;
   
• the relevant corrections would materially impact financial statements;
   
• there was a material weakness in the Company’s internal controls over financial reporting; and
   
• increasing competition negatively impacted the Company’s revenue and profitability.
  

On October 25, 2018, PriceSmart filed a Form 8-K disclosing the discovery of “a balance sheet misclassification … involving the Company’s presentation of short-term investments as cash and cash equivalents.” As a result of the misclassification, the Company announced that certain financial statements would need to be restated and that it “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, the price of PriceSmart shares fell $12.41, approximately 15%, to close at $69.16 on October 26, 2018.

Wolf Haldenstein Adler Freeman & Herz LLP  has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at   www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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