According to the Complaint, PriceSmart, Inc. 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.

On October 7, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on January 3, 2020. Defendants filed a Motion to Dismiss the consolidated Complaint on March 3. On February 24, 2021, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiff was given leave to amend the Complaint. As of January 2022, there is no indication Plaintiffs filed an amended complaint, and the Docket is showing this case as closed.