Amazon Misled Investors on Covid-Era Expansion, Pension Suit Says

A Philadelphia pension fund sued Amazon.com Inc. over allegedly false and misleading statements about the expansion of its e-commerce infrastructure during the Covid pandemic.

Asbestos Workers Philadelphia Welfare and Pension Fund filed the lawsuit Wednesday in the U.S. District Court for the Western District of Washington. The suit said Amazon over-expanded during the pandemic, leaving the e-commerce giant saddled with too much warehouse space when the surge in online shopping decelerated.

“Amazon’s “rapid expansion resulted in substantial overcapacity that drove massive losses and would substantially deplete the Company’s earnings moving forward,” Asbestos Works said in the suit, adding Amazon ...