Please Upload related files below
Fill in below.
Tell us the stocks you own using SnapTrade, and we will keep you informed about class action litigation related to your stocks. We monitor critical case developments that may affect the price of your shares and your possible monetary recovery. SnapTrade only shares the tickers you own and your transaction history, not your account numbers. Using SnapTrade and participating in our monitoring service is free and does not create any attorney-client relationship or obligation on your part.
Don’t miss out on possible monetary recovery - link your account with SnapTrade.
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.