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  >  Nyse  >  Wal-Mart Stores Inc    WMT

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

Wal-Mart Stores, Inc. : Robbins Geller Rudman & Dowd LLP Appointed Lead Counsel in Suit against Wal-Mart Stores, Inc.

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/29/2012 | 01:00am CEST

Robbins Geller Rudman & Dowd LLP ("Robbins Geller") (http://www.rgrdlaw.com/cases/walmart/) today announced that the firm was appointed as lead counsel in a securities class action captioned City of Pontiac General Employees' Retirement System v. Wal-Mart Stores, Inc., Case No. 5:12-cv-5162-SOH, pending in the Western District of Arkansas. The City of Pontiac General Employees' Retirement System was appointed as lead plaintiff in this action on behalf of purchasers of Wal-Mart Stores, Inc. ("Wal-Mart" or the "Company") (NYSE:WMT) common stock between December 8, 2011 and April 20, 2012 (the "Class Period") who suffered losses in connection therewith, including Class Period purchasers who sold those shares between April 23, 2012 and May 21, 2012.

The action alleges that Wal-Mart and certain of its officers and directors violated the Securities Exchange Act of 1934 by failing to disclose that Wal-Mart and its executives were involved in a multi-million-dollar bribery scheme at the Company's Mexican subsidiary, Wal-Mart de Mexico ("Wal-Mart Latin America"). On April 21, 2012, The New York Times published an article reporting that Wal-Mart had "shut . . . down" an investigation concerning evidence that Wal-Mart Latin America had engaged in "widespread bribery," which included a paper trail of hundreds of suspect payments totaling more than $24 million. The article reported that top executives at Wal-Mart and Wal-Mart Latin America knew about but disregarded the bribery scheme. As a result of this news, Wal-Mart's stock declined nearly 5% on April 23, 2012, on volume of 38 million shares. The stock dropped again on April 24, 2012, to close at $57.77 per share on volume of 30 million shares, and on April 25, 2012, fell to $57.36 per share on volume of 28 million shares, as investors absorbed this shocking news.

The complaint alleges that defendants knew, but concealed from the investing public during the Class Period, that the Company had violated the Foreign Corrupt Practices Act in connection with the bribery payments and that Wal-Mart management did not address ethical concerns in a "timely and effective manner" as represented by defendants. Wal-Mart is the subject of a probe in Mexico by Mexican authorities and the subject of criminal and congressional investigations in the United States.

According to the complaint, defendants' allegedly false statements caused Wal-Mart stock to trade at artificially inflated levels throughout the Class Period. As the truth began to leak into the market, the price of Wal-Mart's artificially inflated stock declined significantly. These revelations, and the elimination of the artificial inflation from Wal-Mart's stock price, caused economic harm to investors who purchased Wal-Mart common stock at artificially inflated prices during the Class Period.

Plaintiff seeks to recover damages on behalf of all purchasers of Wal-Mart common stock during the Class Period (the "Class"). If you purchased Wal-Mart common stock during the Class Period and sold your stock after April 23, 2012, when the alleged fraud was revealed, have any information regarding the allegations contained in the complaint, or generally wish to discuss this action or your rights or interests, please contact Jason Forge of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at [email protected]. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/walmart/.

Robbins Geller represents U.S. and international institutional investors in contingency-based securities and corporate litigation. With nearly 200 lawyers in nine offices, the firm represents hundreds of public and multi-employer pension funds with combined assets under management in excess of $2 trillion. The firm has obtained many of the largest recoveries in history and has been ranked number one in the number of shareholder class action recoveries in MSCI's Top SCAS 50 every year since 2003. According to Cornerstone Research, the firm's recoveries have averaged 35% above the median for all firms over the past seven years (2005-2011). Please visit http://www.rgrdlaw.com for more information.

Robbins Geller Rudman & Dowd LLP
Jason Forge
800/449-4900 or 619/231-1058
[email protected]


© Business Wire 2012
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on WAL-MART STORES INC
12:48p WAL MART STORES : Mart bringing grocery pickup to Joplin
02:54a WAL MART STORES : No charges against ex-husband in fatal shooting at Clinton Wal..
02:48a DOLLAR GENERAL : Redding Record Searchlight, Calif., The Buzz column
02:18a WAL MART STORES : JCPD says panhandlers not breaking the law by begging
02:03a POLICE : bounty hunters shot 2 men, one died; charges sought
04/28 WAL MART STORES : Regency Furniture Launches Niche Cubo Featuring Lockdowel-Easy..
04/28 OHIO'S LARGEST 100 EMPLOYERS IN 2017 : Walmart tops the list
04/28 WAL MART STORES : 2 indicted on federal meth charges
04/28 WAL MART STORES : Walmart Today | What is a GRR?
04/28 ECOARK HOLDINGS, INC. (OTCMKTS : EARK) Files An 8-K Departure of Directors or Ce..
More news
Sector news : Supermarkets & Convenience Stores
04/28DJTESCO : Investec Bank plc Form 8.5 (EPT/RI) - Tesco Plc
04/28DJWHOLE FOODS MARKET : Faces New Investor Pressure -- WSJ
04/27DJWHOLE FOODS MARKET : Another Large Investor Calls on Whole Foods to Explore Sale
04/27DJMAJEDIE ASSET MANAGEMENT LTD MAJEDIE : Form 8.3 - Tesco Plc
04/27DJMAJEDIE ASSET MANAGEMENT LTD MAJEDIE : Form 8.3 - Tesco Plc
More sector news : Supermarkets & Convenience Stores
News from SeekingAlpha
12:13p APPAREL 2.0 : Here comes on-demand manufacturing
04/28 RWL : A Revenue Weighted Smart Beta Strategy
04/28 AMAZON Q1 : Declining All Around = Higher Stock Price?
04/28 Consumers snooze in Q1
04/27 My Dividend Growth Portfolio - Q1 2017 Summary
Advertisement
Financials ($)
Sales 2018 495 046 M
EBIT 2018 22 368 M
Net income 2018 13 097 M
Debt 2018 39 067 M
Yield 2018 2,76%
P/E ratio 2018 17,35
P/E ratio 2019 16,45
EV / Sales 2018 0,54x
EV / Sales 2019 0,53x
Capitalization 227 912 M
More Financials
Chart WAL-MART STORES INC
Duration : Period :
Wal-Mart Stores Inc Technical Analysis Chart | WMT | US9311421039 | 4-Traders
Full-screen chart
Technical analysis trends WAL-MART STORES INC
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 34
Average target price 74,7 $
Spread / Average Target -0,69%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
C. Douglas McMillon Chief Executive Officer & Director
John Furner President
Gregory B. Penner Non-Executive Chairman
Michael J. Bender Chief Operating Officer-Global eCommerce
Brett M. Biggs Chief Financial Officer & Executive Vice President
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
WAL-MART STORES INC8.77%227 912
ALIMENTATION COUCHE TA..2.75%26 310
CARREFOUR-5.92%17 814
DAIRY FARM INTERNATION..25.71%12 037
WHOLE FOODS MARKET, IN..18.24%11 586
YONGHUI SUPERSTORES CO..25.66%8 445
More Results