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

Fri Dec 28, 2012 6:58pm EST

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SAN DIEGO--(Business Wire)--
Robbins Geller Rudman & Dowd LLP ("Robbins Geller")
( 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,

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 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 

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 for more information.

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

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