Wal-Mart Stores Inc (NYSE: WMT) Investor Securities Class Action Lawsuit 05/07/2012

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Company Name(s): 
Wal-Mart Stores
Case Name: 
Wal-Mart Stores Shareholder Class Action Lawsuit 05/07/2012
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Case Status: 
Settlement Approved
Affected Securities
NYSE: WMT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/07/2012
Class Period Begin: 
12/08/2011
Class Period End: 
04/20/2012
Court of Filing: 
U.S. District Court for the Middle District of Tennessee
Deadline To File for Lead: 
07/06/2012
Date Settled: 
12/06/2018
Settlement Amount: 
$160,000,000
Deadline to Participate in Settlement: 
04/15/2019
Summary: 

December 06, 2018 - The court preliminarily approved the settlement.

October 26, 2018 - - Parties filed a stipulation of settlement.

September 26, 2014 - The court denied defendants' motion to dismiss.

September 17, 2013 - The court denied defendants’ motion to dismiss.

March 4, 2013 - Defendants filed a motion to dismiss.

February 24, 2013 - The lead plaintiff filed an amended complaint.

February 14, 2013 - The lead plaintiff filed a notice of voluntary dismissal of certain defendants.

January 22, 2013 - The lead plaintiff filed a notice of voluntary dismissal of a certain defendant.

December 11, 2012 - The lead plaintiff and lead counsel were appointed.

July 25, 2012 - The case was transferred to the U.S. District Court for the Western District of Arkansas.

July 9, 2012 - Lead plaintiff motion was filed.

May 7, 2012 - An investor in shares of Wal-Mart Stores Inc (NYSE: WMT) filed a lawsuit in the U.S. District Court for the Middle District of Tennessee against Wal-Mart Stores Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between December 8, 2011 and April 20, 2012.

According to the complaint the plaintiff alleges that Wal-Mart Stores Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between December 8, 2011 and April 20, 2012, materially allegedly false and misleading statements regarding Wal-Mart Stores Inc’s practices with respect to alleged unlawful or unethical conduct. Specifically, the plaintiff alleges that Wal-Mart Stores Inc failed to disclose that its executives had been involved in an alleged bribery scheme at Wal-Mart’s Mexican subsidiary, Wal-Mart de Mexico and as a result of defendants’ allegedly false statements, Wal-Mart Stores Inc's (NYSE: WMT) stock traded at artificially inflated prices December 8, 2011 and April 20, 2012, reaching a high of $62.48 per share on February 17, 2012.

On Sunday, April 22, 2012, the New York Times had published an extensive article concerning potential bribes made by Wal-Mart de Mexico beginning as early as 2005. According to the article Wal-Mart de Mexico may have spent more than $24 million in bribes. The article further alleged that Wal-Mart 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 Inc issued on April 21, 2012 a response to the New York times article and said that Wal-Mart Stores Inc 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.

The plaintiff says 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 seeks to recover damages for the company's reputation as well as costs of investigating the claims.

On April 25, 2012, Mexico's federal officials said they would open an investigation into the bribery allegations.

On April 27, 2012, it was reported that a deli manager at a Wal-Mart store has started an online petition calling for the resignations of Wal-Mart Stores’ chairman and chief executive officer.

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.

Wal-Mart Stores Inc (NYSE: WMT) shares closed on May 7, 2012 at $59.19 per share.