LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Macy’s, Inc. (“Macy’s” or the “Company”) (NYSE: M) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On November 25, 2024, Macy’s disclosed that it would delay the release of its third quarter 2024 financial results and that it had “identified an issue related to delivery expenses in one of its accrual accounts.” Specifically, the Company disclosed an employee had "intentionally made erroneous accounting accrual entries to hide approximately $132 million to $154 million of cumulative delivery expenses from the fourth quarter of 2021 through fiscal quarter ended November 2, 2024.”
On this news, Macy’s stock price fell $0.36, or 2.2%, to close at $15.94 per share on November 25, 2024, thereby injuring investors.
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If you purchased Macy’s securities, 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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