Lawsuit by current investors in NYSE:WMT shares was filed over alleged breaches of fiduciary duties by certain officers and directors of Wal-Mart Stores, Inc in connection with bribery allegations in Mexico and current long-term NYSE:WMT stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/18/2012 -- Several current long-term investors in NYSE:WMT shares filed lawsuit against certain officers and directors of Wal-Mart Stores, Inc in connection with allegations of a massive bribery scheme at Wal-Mart’s largest foreign subsidiary, Wal-Mart de Mexico, and a six-year-long effort to cover up that scheme by certain top executives and directors of Wal-Mart.
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.
According to the complaint 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.
Shares of Wal-Mart Stores, Inc. (NYSE:WMT) dropped to as low as $57.25 on April 25, 2012, wiping out billions in market cap.
Those who are current long term investors in shares of Wal-Mart Stores, Inc. (NYSE:WMT, you have certain options and you should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego