NEW YORK, Jan. 03, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Costco Wholesale Corporation (“Costco” or the “Company”) (NASDAQ: COST) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Costco securities between June 6, 2018, and October 25, 2018 , both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/cost .
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Costco lacked effective internal control over financial reporting; (2) consequently, Defendants’ statements about Costco’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On October 4, 2018, Costco revealed “in its upcoming fiscal 2018 Annual Report on Form 10-K, it expects to report a material weakness in internal control. The weakness relates 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. The access issues relate to the extent of privileges afforded users authorized to access company systems.” Following this news, Costco stock dropped from a close of $231.68 per share on October 4, 2018, to a close of $218.82 on October 5, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: bgandg.com/cost or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Costco you have until January 7, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com
