Published:
Statement by Costco Wholesale Corporation Regarding Grand Jury Subpoena
Costco Wholesale Corporation ("Costco")
(NASDAQ: COST) ("the Company") released the following statement: On March
15, 2007, the Company was served with a grand jury subpoena from the United
States Attorney's Office in the Western District of Washington. The
subpoena seeks documents and information relating to the granting of stock
options. The Company will cooperate fully with the inquiry. As the Company
has previously reported, its Board of Directors appointed a special
committee consisting of independent directors Daniel J. Evans, William H.
Gates, and Charles T. Munger to review its historical stock option grant
practices in order to determine if the stated grant dates were supported by
the Company's books and records. While the special committee's review of
the Company's stock option grant practices from 1996 to 2005 concluded that
it was impossible to determine with precision the appropriate measurement
date for certain grants for financial accounting purposes, the special
committee determined that there was no evidence of fraud, falsification of
records, concealment of actions or documentation, or intentional deviation
from generally accepted accounting principles. The Company remains
confident in the findings of the special committee.
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Daily NewsTags: ,Retail:Appliances, Retail:Apparel, Retail:ConsumerElectronics, Retail:Supermarkets, Retail:Cosmetics and Accessories, Retail:E-Commerce, Retail:FurnitureandFurnishings, Retail:ConsumerInterest, ,NASDAQ01,NASDAQ01,WA,ISSAQUAH, WA
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