Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  BOLSA MEXICANA DE VALORES (MEXICAN STOCK EXCHANGE)  >  Wal-mart de Mexico S A B de C V    WALMEX V   MXP810081010

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

CalSTRS Sues Wal-Mart Over Alleged Bribery In Mexico

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/04/2012 | 08:55pm CET

The California State Teachers' Retirement System has filed a lawsuit against Wal-Mart Stores Inc. (WMT) over allegations of bribery in the retailer's Mexico operations.

CalSTRS, which holds more than 5.3 million Wal-Mart shares, alleged that senior Wal-Mart officials engaged in large opportunistic stock sales before an article in the New York Times reported the charges of corporate corruption last month. The Wal-Mart holdings account for roughly 0.4% of CalSTRS' equities portfolio.

"By utilizing the derivative action, CalSTRS is seeking to remedy the damages sustained by Wal-Mart as a result of alleged gross misconduct by Wal-Mart's executive officers and directors," said CalSTRS Chief Executive Jack Ehnes. "The focus of this action, unprecedented in CalSTRS history, is corporate governance reform to ensure that similar misconduct is not repeated in the future."

Last month, Wal-Mart acknowledged that it is investigating its operations in Mexico for possible violations of the U.S law that prohibits bribery overseas. The company confirmed that the probe involved Mexico, one of its largest markets, after the New York Times published a lengthy investigative article that contended the company learned of allegations of "widespread bribery" by its workers in the country in 2005--and that top executives subsequently covered them up.

The alleged bribery involved hundreds of illicit payments totaling more than $24 million to help obtain permits for new stores in Mexico, where the company's Wal-Mart de Mexico (WALMEX.MX, WMMVY) arm has become the nation's largest retailer and top private-sector employer, the newspaper reported, citing numerous internal emails and records it obtained.

The Times reported that top Wal-Mart officials in the U.S. learned of the bribery allegations in 2005 but didn't then alert U.S. or Mexican authorities.

Wal-Mart shares slid by 18 cents to $58.82 in recent trading. The stock is off 1.6% so far this year.

-By Nathalie Tadena, Dow Jones Newswires; 212-416-3287; nathalie.tadena@dowjones.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on WAL-MART DE MEXICO S A B D
01/06DJWAL MART DE MEXICO B DE C : Mart de Mexico's 2016 Sales Rose 11.9%
2016DJToday's Top Supply Chain and Logistics News From WSJ
2016 Retailer Wal-Mart de Mexico to invest $1.3 billion in Mexico
2016DJWAL MART DE MEXICO B DE C : Mart de Mexico to Invest $1.3 Billion in Logistics
2016DJWAL MART DE MEXICO B DE C : Mart de Mexico to Invest $1.3 Billion in Logistics
2016DJMexico Lifts Rates Amid Peso's Fall, Trump's Rise
2016 WAL-MART DE MEXICO S A B DE C V : ex-dividend day for special dividend
2016 WAL-MART DE MEXICO S A B DE C V : ex-dividend day for quarterly dividend
2016DJWAL MART DE MEXICO B DE C : Mart de Mexico's Profit, Sales Jump -- Update
2016DJWAL MART DE MEXICO B DE C : Mart de Mexico's Profit, Sales Jump
More news
Sector news : Discount Stores - NEC
01/20DJFinance Watch -- WSJ
01/20 AMERICAN EXPRESS : AmEx profit misses estimates on higher marketing spend
01/19DJCOSTCO WHOLESALE : to Pay $12 Million Penalty for Poor Pharmacy Controls
01/19 COSTCO WHOLESALE : to pay $11.75 million over lax U.S. pharmacy controls
01/19DJCOSTCO WHOLESALE : The Most Coveted Ball in Golf is From Costco
More sector news : Discount Stores - NEC
Advertisement
Financials ( MXN)
Sales 2016 532 484 M
EBIT 2016 40 429 M
Net income 2016 30 097 M
Finance 2016 14 456 M
Yield 2016 4,95%
P/E ratio 2016 19,99
P/E ratio 2017 19,53
EV / Sales 2016 1,12x
EV / Sales 2017 1,05x
Capitalization 612 371 M
More Financials
Chart WAL-MART DE MEXICO S A B D
Duration : Period :
Wal-mart de Mexico S A B d Technical Analysis Chart | WALMEX V | MXP810081010 | 4-Traders
Full-screen chart
Income Statement Evolution
More Financials
Consensus 
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 45,6  MXN
Spread / Average Target 30%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Guilherme Loureiro President, Chief Executive Officer & Director
Enrique Ostalé Cambiaso Executive Chairman
P. Todd Harbaugh Chief Operating Officer
Pedro Farah Chief Financial Officer
Blanca Avelina Treviño de Vega Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
WAL-MART DE MEXICO S A..0.00%28 372
COSTCO WHOLESALE CORPO..2.58%72 141
TARGET CORPORATION-11.26%36 005
WAL-MART DE MEXICO S A..-5.34%28 372
DOLLAR GENERAL CORP.-4.14%19 615
DOLLARAMA INC1.00%8 703
More Results