Recently emails were released that allegedly show that the CEO of Wal-Mart Stores knew in 2005 of briberies in Mexico. Meanwhile lawsuit on behalf of current long term stockholder in NYSE:WMT shares over alleged breaches of fiduciary duties are pending. Current long-term NYSE:WMT stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 01/15/2013 -- It was recently reported that new emails were released that allegedly indicate that the CEO of Wal-Mart Stores, Inc. knew already in 2005 that certain executives in the company’s México unit handed out bribes to local officials. Meanwhile several current long-term investors in NYSE:WMT shares filed lawsuits against certain officers and directors of Wal-Mart Stores, Inc over alleged breaches of fiduciary duties.
Investors who are current long term stockholders of shares of Wal-Mart Stores, Inc. (NYSE:WMT), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges certain of its officers and directors of Wal-Mart Stores, Inc hurt shareholders by an alleged bribery scheme at Walmart’s Mexican subsidiary, Wal-Mart de Mexico.
In April 2012, the New York Times had published an extensive article concerning potential bribes made by Walmart de Mexico beginning as early as 2005. According to the article Walmart de Mexico may have spent more than $24 million in bribes. The article further alleged that Walmart de Mexico executives knew about the payments and actively took steps to conceal them. The article stated 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.”
Wal-Mart Stores issued on April 21, 2012 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.
Then in November Wal-Mart Stores said in a filing with the Securities and Exchange Commission that it was looking into potential U.S. bribery law violations in Brazil, China and India.
Recently a report was published that cited certain emails that allegedly indicated that certain officials at Wal-Mart Stores were informed multiple times starting in 2005 about bribes being made in Mexico.
Shares of Wal-Mart Stores, Inc. (NYSE:WMT) closed on Jan. 14, 2013, at $68.30 per share.
Those who are current long term investors in shares of Wal-Mart Stores, Inc. (NYSE:WMT) have certain options and you should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
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