NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP is investigating potential claims against PriceSmart, Inc. (“PriceSmart” or the “Company”) (NASDAQ: PSMT). This investigation concerns whether PriceSmart has violated federal securities laws and/or engaged in other unlawful business practices.
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, or about 15%, to close at $69.16 on October 26, 2018.
If you acquired PriceSmart securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
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