The pension fund for thousands of New York City police detectives has filed a lawsuit against Amazon, claiming the company and its executives misled investors and hid losses spurred by the company's 'excessive' expansion during the pandemic.
People walk by an Amazon Go store at the Amazon.com Inc. headquarters on May 20, 2021 in Seattle, Washington. The pension fund for thousands of New York City police detectives has filed a lawsuit against Amazon in federal court, claiming the company and its executives misled investors and hid losses spurred by the company’s “excessive” expansion during the coronavirus pandemic.
Amazon CEO Andy Jassy, CFO Brian Olsavsky, and Head of Investor Relations David Fildes are listed as the primary defendants in the case. Amid Amazon’s significant losses — the first time the company had quarterly losses since 2015 — the head of Amazon’s consumer business, Dave Clark, stepped down July 1 to “pursue other opportunities,” according to an Amazon press release. He left just six weeks after the company’s losses were published.
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