NEW YORK, NY / ACCESSWIRE / November 26, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Macy's, Inc. ("Macy's" or the "Company") (NYSE:M). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Macy's and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 25, 2024, Macy's issued a press release announcing its preliminary third quarter 2024 results. Therein, Macy's disclosed that "during the preparation of its unaudited condensed consolidated financial statements for the fiscal quarter ended November 2, 2024, it identified an issue related to delivery expenses in one of its accrual accounts" and "consequently initiated an independent investigation." Macy's reported that, "[a]s a result of the independent investigation and forensic analysis, the company identified that a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries to hide approximately $132 to $154 million of cumulative delivery expenses from the fourth quarter of 2021 through fiscal quarter ended November 2, 2024." Macy's further advised that "[t]he individual who engaged in this conduct is no longer employed by the company."
On this news, Macy's stock price fell $0.37 per share, or 02.27%, to close at $15.93 per share on November 25, 2024.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, London, and Paris 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.
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SOURCE: Pomerantz LLP
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