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What will be the outcome of Macy's forensic investigation by June 30, 2025?
3
Resolution / Starting Odds
Fraud confirmed • 25%
Error without intent • 25%
Mixed findings • 25%
Investigation inconclusive • 25%
Official announcement from Macy's or press release
Story
Macy's Delays Earnings After Employee Hid $154 Million Over 3 Years; Stock Falls 8%
Nov 25, 2024, 02:03 PM
Macy's has delayed the release of its third-quarter earnings after discovering that a single employee intentionally hid $132 million to $154 million in delivery expenses over nearly three years, from the fourth quarter of 2021 through the third quarter of 2024. The company is conducting an independent forensic investigation into the accounting irregularities. Preliminary Q3 revenue was reported at $4.74 billion, meeting expectations, with comparable sales declining by 2.4%. Following the announcement, Macy's stock fell as much as 8% in premarket trading.
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Employee responsible fired • 25%
Employee responsible demoted • 25%
No action taken against employee • 25%
Employee resigns • 25%
No further discrepancies found • 25%
Minor discrepancies found • 25%
Significant discrepancies found • 25%
Investigation inconclusive • 25%
Above expectations • 25%
Meeting expectations • 25%
Below expectations • 25%
Significantly below expectations • 25%
Yes • 50%
No • 50%
Transaction confirmed as accidental • 25%
Transaction confirmed as intentional • 25%
Transaction deemed as a result of a cyberattack • 25%
No conclusive outcome • 25%
Arkhouse Management • 25%
Brigade Capital • 25%
Another Company • 25%
No Acquisition • 25%
No wrongdoing found • 25%
Minor violations found • 25%
Major violations found • 25%
Investigation inconclusive • 25%