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PriceSmart, Inc. owns and operates membership shopping warehouse clubs in the United States, Latin America, and the Caribbean. Its warehouse clubs sell perishable foods and consumer goods at low prices to individuals and businesses, as well as offers ancillary services, which include food courts, tire centers, and photo centers. The company operates its warehouse clubs under the brand name of PriceSmart. As of August 31, 2011, it operated 29 warehouse clubs in 12 countries and 1 U.S. territory, including 5 in Costa Rica, 4 each in Panama and Trinidad, 3 each in Guatemala and in the Dominican Republic, 2 each in El Salvador and Honduras, and 1 each in Colombia, Aruba, Barbados, Jamaica, Nicaragua, and the United States Virgin Islands. PriceSmart, Inc. was founded in 1994 and is headquartered in San Diego, California.
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Press Release $PSMT PriceSmart Inc.
NEW YORK--(BUSINESS WIRE)-- Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of PriceSmart Inc. (“PriceSmart” or the “Company”) (NasdaqGS: PSMT) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders’ approval for an Equity Incentive Award Plan.
Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on December 5, 2012, the Board of Directors recommends that PriceSmart’s shareholders vote to approve the Company’s 2013 Equity Incentive Plan, which would increase the number of shares of common stock available for grant under prior plans by 600,000. The issuance of the additional shares could have a substantial dilutive effect on the shares of PriceSmart common stock.
Request more information now by clicking here: www.faruqilaw.com/PSMT. There is no cost or obligation to you.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.
If you own common stock in PriceSmart and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/PSMT or contact Juan E. Monteverde, Esq. either via e-mail at jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or (212) 983-9330.
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Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan E. Monteverde, Esq.
jmonteverde@faruqilaw.com
Toll Free: (877) 247-4292
Phone: (212) 983-9330
Source: Faruqi & Faruqi, LLP