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Robbins Geller Rudman & Dowd LLP Announces Appointment As Lead Counsel In Suit Against Wal-Mart Stores Inc

Friday, 28 Dec 2012 06:58pm EST 

Robbins Geller Rudman & Dowd LLP 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 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). 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. 

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21 Oct 2014