NEW YORK, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Macy’s, Inc. (“Macy’s” or the “Company”) (NYSE:M) on behalf of Macy’s stockholders. Our investigation concerns whether Macy’s has violated the federal securities laws and/or engaged in 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 sharply during intraday trading on November 25, 2024.
If you purchased or otherwise acquired Macy’s shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
