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Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Costco Wholesale Corporation Investors (COST)

November 20, 2018

LOS ANGELES--(BUSINESS WIRE)--Nov 20, 2018--Glancy Prongay & Murray LLP (“GPM”), a global investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired Costco Wholesale Corporation (“Costco” or the “Company”) (NASDAQ:  COST ) securities between June 6, 2018 and October 25, 2018, inclusive (the “Class Period”). Costco investors have until  January 7, 2019 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click  here  to participate.

On October 4, 2018, Costco announced “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.” On this news, shares of Costco fell from a close of $231.68 per share on October 4, 2018, to a close of $218.82 on October 5, 2018, thereby injuring investors.

The complaint filed in this class action alleges that the Company made false and misleading statements to the market. Costco failed to maintain appropriate internal controls over financial reporting. The Company admitted on October 4, 2018, that “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.” Based on these facts, the Company’s public statements were false and materially misleading throughout the class period.

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If you purchased shares of Costco during the Class Period you may move the Court no later than  January 7, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181120005786/en/

CONTACT: Glancy Prongay & Murray LLP, Los Angeles

Lesley Portnoy, 310-201-9150 or 888-773-9224

www.glancylaw.com

shareholders@glancylaw.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL

SOURCE: Glancy Prongay & Murray LLP

Copyright Business Wire 2018.

PUB: 11/20/2018 05:46 PM/DISC: 11/20/2018 05:46 PM

http://www.businesswire.com/news/home/20181120005786/en

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