San Diego, CA -- (SBWIRE) -- 04/25/2012 -- Certain directors and officers of Wal-Mart Stores, Inc. are currently under investigation on behalf of current long-term investors in NYSE:WMT concerning possible breaches of fiduciary duties in connection with allegations over certain payments made by Wal-Mart de Mexico that potentially might have violated the U.S. Foreign Corrupt Practices Act.
Investors who are long-term stockholders in shares of Wal-Mart Stores, Inc. (NYSE:WMT) shares and currently hold those (or any of those) NYSE:WMT shares, have certain options and should contact the Shareholders Foundation, Inc by email at mail(at)shareholdersfoundation.com or call +1 (858) 779 - 1554.
According to the investigation by a law firm the investigation focuses on whether certain Wal-Mart Stores’ directors and officers were aware, or should have been aware, of any improper payments to foreign government officials in violation of the U.S. Foreign Corrupt Practices Act, which prohibits companies from making improper payments to foreign officials for the purpose of obtaining or keeping business
Shares of Wal-Mart Stores, Inc. (NYSE:WMT) rose from as low as $48 per share in July 2010 to over $62 per share in February 2012.
Then on April 21, 2012, the New York Times published an extensive article concerning potential bribes made by Walmart de Mexico. According to the article Walmart de Mexico may have spent more than $24 million in bribes. The article further alleges that Walmart de Mexico executives knew about the payments and actively took steps to conceal them. The article states that “in a confidential report to his superiors, Wal-Mart’s lead investigator, a former F.B.I. special agent, summed up their initial findings this way: “There is reasonable suspicion to believe that Mexican and USA laws have been violated.”
Walmart issued the same day a response to the New York times article and said that Walmart met with the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) to self-disclose the ongoing investigation on this matter and that they informed investors in its quarterly report filed in December of the investigation.
Following the report shares of Wal-Mart Stores, Inc. (NYSE:WMT) dropped from $62.39 per share on Friday to $59.37 per share during Monday, April 23, 2012.
NYSE:WMT shares closed on Tuesday at $57.77 per share
Those who purchased shares of Wal-Mart Stores, Inc. (NYSE:WMT) shares and currently hold those (or any of those) NYSE:WMT shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego