NEW YORK, Dec. 07, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Costco Wholesale Corporation (“Costco” or the “Company”) (NASDAQ: COST). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether Costco and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 4, 2018, Costco issued a press release announcing its financial and operating results for the fiscal fourth quarter and year ended September 2, 2018. In the press release, Costco stated, in part, that “it expects to report a material weakness in internal control”, specifically “relat[ing] to general information technology controls in the areas of user access and program change-management over certain information technology systems that support the Company’s financial reporting processes.”
On this news, Costco’s stock price fell $12.86 per share, or roughly 5.55%, to close at $218.82 per share on October 5, 2018.
Then, on October 26, 2018, Costco filed its annual report for the fiscal fourth quarter and year ended September 2, 2018, which reported that the Company had identified a material weakness as previously described in its October 4, 2018 press release.
On this news, Costco’s stock price fell $8.21 per share, or roughly 3.63%, to close at $218.90 per share on October 26, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980