Macy's, Inc. Class Action Lawsuit - M

The filed complaint alleges that Macy's, Inc. made materially false and/or misleading statements and/or failed to disclose that: Macy's issued a press release on November 25, 2024, 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." Following this news, Macy's stock price fell sharply during intraday trading on the same day.

In order to be eligible to join the M class action lawsuit, you must have incurred a loss on shares of Macy's, Inc. purchased during the class period listed above.