Costco Investors Ask 9th Circ. To Revive Internal Controls Suit
Law360 (July 9, 2021, 9:20 PM EDT) -- Costco investors urged a Ninth Circuit panel Friday to revive their claims that the retail giant's executives made deliberately reckless misrepresentations about internal controls in their public filings, but the company countered that its top executives lacked a motive to engage in fraud, calling the suit "another case of fraud by hindsight."
During oral arguments Friday, the Costco Wholesale Corp. investors urged the panel to resuscitate their suit alleging they were misled about the state of the big-box chain's internal financial reporting controls, arguing that they had alleged particularized facts giving rise to a strong inference that Costco and its top brass engaged in...
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