An investigation for current long-term investors in shares of Stein Mart, Inc. (NASDAQ:SMRT) over potential wrongdoing by certain officers and directors was announced and NASDAQ:SMRT stockholders should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 08/28/2013 -- An investigation on behalf of current long-term stockholders of shares of Stein Mart, Inc. (NASDAQ:SMRT) was announced concerning whether certain Stein Mart officers and directors possibly breached their fiduciary duties in connection with certain statements.
Investors who are current long-term stockholder of shares of Stein Mart, Inc. (NASDAQ:SMRT) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Stein Mart officers and directors breached their fiduciary duties and caused damage to the company and its shareholders by, among other things, failing to implement adequate internal controls.
Stein Mart, Inc. reported that its Total Revenue rose from over $1.17 billion for the 52 weeks period that ended on Jan. 28, 2012 to over $1.23 billion for the 53 weeks period that ended on Feb. 2, 2013, and that its respective Net Income increased from $19.93 million to $25.03 million.
Shares of Stein Mart, Inc. (NASDAQ:SMRT) grew from $6.06 per share in May 2012 to as high as $14.98 per share on July 11, 2013.
On August 22, 2013, Stein Mart, Inc. disclosed that on July 24, 2013, the Securities and Exchange Commission (the “SEC”) informed Stein Mart, Inc. that it was conducting an investigation of Stein Mart, Inc. and made a request for voluntary production of documents and information.
Stein Mart, Inc. said that based upon the request, it believes the investigation is focused on the Company’s recent restatement of prior financial statements and the Company’s change in auditors.
Shares of Stein Mart, Inc. declined from almost $25 per share in July 2013 to $12.27 per share on August 23, 2013.
On August 27, 2013, NASDAA:SMRT shares closed at $12.36 per share.
Those who purchased shares of Stein Mart, Inc. (NASDAQ:SMRT), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
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