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.
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