BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased 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.
Investors suffering losses on their Costco investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On October 4, 2018, Costco announced that “in its upcoming fiscal 2018 Annual Report on Form 10-K, it expects to report a material weakness in internal control” related 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 Company further explained that “[t]he access issues relate to the extent of privileges afforded users authorized to access company systems.” On this news, Costco’s share price 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 related to its failure to maintain appropriate internal controls over financial reporting. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period.
If you purchased shares of Costco, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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