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Class Action News

Levi & Korsinsky Has Announced A COST Class Action; COST Lawsuit

Levi & Korsinsky, LLP

November 12, 2018

NEW YORK, November 5, 2018 – The following statement is being issued by Levi & Korsinsky, LLP: To: All persons or entities who purchased or otherwise acquired common stock of Costco Wholesale Corporation (NASDAQGS: COST) between June 6, 2018, and October 25, 2018. You are hereby notified that Levi & Korsinsky has commenced the COST class action, Johnson v. Costco Wholesale Corporation (2:18-cv-01611), in the USDC for the Western District of Washington, Seattle Division. To get more information go tohttps://www.zlk.com/pslra-1/costco-wholesale-corporation-loss-form or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you. For more information on the COST Lawsuit, please contact us today!

The complaint alleges that Costco misrepresented and failed to disclose adverse facts pertaining to the Company’s business, operations, and prospects, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants failed to disclose that: (i) Costco lacked effective internal control over financial reporting; (ii) as a result of the foregoing, Defendants’ statements about Costco’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On October 4, 2018, Costco announces that “in its upcoming fiscal 2018 Annual Report on Form 10-K, it expects to report a material weakness in internal control. The weakness relates 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 access issues relate to the extent of privileges afforded users authorized to access company systems.” Following this news, shares of Costco fell from a close of $231.68 on October 4, 2018, to a close of $218.82 the following day.

If you suffered a loss in Costco you have until January 7, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.