SOURCE: Shareholders Foundation

Shareholders Foundation

April 30, 2012 09:35 ET

Wal-Mart Stores, Inc. (WMT) Investor Lawsuit Against Directors Over Bribery Allegations Announced by Shareholders Foundation

SAN DIEGO, CA--(Marketwire - Apr 30, 2012) - The Shareholders Foundation, Inc. announces that a lawsuit was filed by an investor in shares of Wal-Mart Stores, Inc. (WMT) against certain officers and directors of Wal-Mart Stores, Inc over bribery allegations at its subsidiary Wal-Mart de Mexico.

Investors who are current long-term stockholders in shares of Wal-Mart Stores, Inc. (WMT) have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

The plaintiff alleges that defendants have injured Wal-Mart by engaging in or covering up an alleged $24 million bribery campaign designed to advance Wal-Mart's expansion in Mexico. The plaintiff claims that illegal payments have and will continue to irreparably damage Wal-Mart's corporate image and goodwill and jeopardize its ability to do business in foreign countries.

The plaintiff says that company officers and directors responsible for the wrongdoing should reimburse Wal-Mart for damages.

On April 22, 2012, the New York Times had published an article concerning the potential bribes made by Wal-Mart de Mexico beginning as early as 2005. The article alleged that Wal-Mart de Mexico executives knew about the payments and actively took steps to conceal them. The article said 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 that "There is reasonable suspicion to believe that Mexican and USA laws have been violated."

Shares of Wal-Mart Stores, Inc. dropped from $62.39 on April 20 to as low as $57.25 on April 25, 2012, wiping out billions in market cap.

Those who are current investors in WMT shares, have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

Contact Information

  • CONTACT:
    Shareholders Foundation, Inc.
    Trevor Allen
    +1 (858) 779-1554
    mail@shareholdersfoundation.com
    3111 Camino Del Rio North
    Suite 423
    San Diego, CA 92108