San Diego, CA -- (SBWIRE) -- 03/13/2013 -- An investigation on behalf of investors of Stein Mart, Inc. (NASDAQ:SMRT) shares over potential breaches of fiduciary duties by certain officers and directors in connection certain financial statements was announced.

Investors who purchased 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 Mar officers and directors breached their fiduciary duties and caused damage to the company. and its shareholders by failing to implement adequate internal controls.

On November 6, 2012, Stein Mart, Inc. announced that it had determined that its earnings release that was scheduled to be issued on November 15, 2012 will be delayed. Then on November 9, 2012, Stein Mart, Inc announced that on November 6, 2012, the Board of Directors of Stein Mart, Inc., based on the recommendation of the Audit Committee and in consultation with management, concluded that because of errors identified in the Company’s previously issued financial statements the Company will restate its previously issued financial statements for fiscal years 2009, 2010 and 2011, its quarterly data for the first quarter of 2012 and for all quarters in 2010 and 2011, as well as its selected financial data for the relevant periods.

Then on March 7, 2013, Stein Mart, Inc announced that it received a notice from the Staff of The NASDAQ Stock Market LLC related to late filings

Shares of Stein Mart, Inc. (NASDAQ:SMRT) closed on March 12, 2013, at $8.56 per share.

Those who purchased shares of Stein Mart, Inc. (NASDAQ:SMRT) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com