Macy’s, Inc. (M)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Macy’s, Inc. (“Macy’s” or “the Company”) (NYSE: M). Investors who purchased Macy’s securities are encouraged to obtain additional information and assist the investigation.
The investigation concerns whether Macy’s has violated federal securities laws.
Investigation Details
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.
What’s Next?
If you are aware of any facts relating to this investigation or purchased Macy’s securities, you can assist this investigation. You can also contact Peretz Bronstein or his client relations manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660
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Contact
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Nathan Miller
332-239-2660 | [email protected]