Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Costco Wholesale Corporation (“Costco”) (NASDAQ: COST) securities between June 7, 2018 and October 25, 2018, inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Costco would need to undertake a vast effort and expend significant resources to transform its IT department into one that would be capable of supporting the necessary internal controls; (2) that there was significant risk that Costco’s reporting data would be inaccurate, especially until the issue was fully remediated; (3) that Costco could be subject to governmental or regulatory action regarding its internal controls and treatment of data; and (4) as a result of the foregoing, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Current Status of Case:
On August 19, 2020, the Court granted Defendants’ Motion to Dismiss. On September 17, 2020, Lead Plaintiffs filed a Notice of Appeal to the Ninth Circuit Court of Appeals, and on August 12, 2021, the Appeals Court affirmed the Trial Court’s dismissal. This action has concluded.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including The National Law Journal’s Plaintiff’s Hot List and Trailblazers in Plaintiffs' Law, BTI Consulting Group’s Honor Roll of Most Feared Law Firms, The Legal Intelligencer’s Class Action Firm of the Year, Lawdragon’s Leading Plaintiff Financial Lawyers, and Law360’s Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent.