PriceSmart, Inc. Securities Litigation (2019)

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Lawsuit Overview

Defendant:PriceSmart, Inc.
Date Filed:May 22nd, 2019
Sector:Consumer Services
Industry:Department/Specialty Retail Stores

According to the Complaint, PriceSmart owns and operates membership-shopping warehouse clubs in Central America, the Caribbean, and Colombia.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that the Company's omni-channel business strategy had failed to reach key operating goals; (2) that the Company's South America distribution strategy had failed to realize key cost saving goals; (3) that the Company had invested Trinidad and Tobago dollars into certificates of deposits with financial institutions; (4) that these investments had been improperly classified as cash and cash equivalents; (5) that the relevant corrections would materially impact financial statements; (6) that there was a material weakness in the Company's internal controls over financial reporting; (7) that increasing competition negatively impacted the Company's revenue and profitability; and (8) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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First Identified Complaint

Max Morris Harari, et al. v. PriceSmart, Inc., et al.

Date Filed:May 22nd, 2019
Class Period Start:October 26th, 2017
Class Period End:October 25th, 2018
First Identified Complaint Filings
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