Law Offices Of Howard G. Smith Announces Investigation Of Wal-Mart Stores, Inc.

Law Offices of Howard G. Smith announced that it is investigating potential claims on behalf of shareholders of Wal-Mart Stores, Inc. ("Wal-Mart" or the "Company") concerning possible breaches of fiduciary duties by the Company or its fiduciaries. Wal-Mart operates retail stores in various formats worldwide, including supermarkets, discount stores and warehouse clubs offering, among other things, groceries, hardware, home appliances, automotive accessories, furniture and apparel. The investigation concerns possible violations of the Foreign Corrupt Practices Act and is related to allegations that Wal-Mart`s foreign subsidiary, Wal-Mart de Mexico, had orchestrated a multi-year campaign of bribery to win market dominance. The Foreign Corrupt Practices Act is a federal criminal statute that prohibits bribery of foreign officials by U.S. corporations or their subsidiaries. On April 21, 2012, The New York Times reported that in 2005 Wal-Mart`s own investigators found evidence confirming the allegations, including a paper trail of hundreds of suspect payments totaling more than $24 million, but failed to inform law enforcement in either Mexico or the United States. Moreover, according to The New York Times, none of Wal-Mart de Mexico`s leaders were disciplined, and its then-chief executive, Eduardo Castro-Wright, who is alleged to be the driving force behind years of bribery, was promoted to vice chairman of Wal-Mart in 2008.