Newman Ferrara LLP Investigates Wal-Mart Stores, Inc. for Possible Violations of the Foreign Corrupt Practices Act
NEW YORK, April 25, 2012 (BUSINESS WIRE) - Newman Ferrara LLP ( www.nfllp.com ) has begun an investigation into whether certain officers and directors of Wal-Mart Stores, Inc. ("Wal-Mart" or the "Company") (NYSE: WMT) violated the Foreign Corrupt Practices Act in connection with alleged bribery payments at the Company's Mexican subsidiary.
Concerned investors are encouraged to contact Newman Ferrara partner Jeffrey M. Norton at (212) 619-5400 or jnorton@nfllp.com to discuss this investigation, their rights, or potential remedies.
On April 12, 2012, The New York Times reported that Wal-Mart "shut down" an investigation concerning evidence that Wal-Mart de Mexico, a subsidiary of Wal-Mart, engaged in "widespread bribery [including] a paper trail of hundreds of suspect payments totaling more than $24 million." According to the report, Wal-Mart de Mexico's top executives knew about and concealed the scheme. Eduardo Castro-Wright, former Wal-Mart de Mexico chief executive and current vice chairman of Wal-Mart, was identified "driving force behind years of bribery."
Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation with an emphasis on securities, ERISA, consumer fraud, products liability, civil rights and real estate. For more information, please visit the firm website at www.nfllp.com .
CONTACT:
Newman Ferrara LLP
Attorneys:
Jeffrey M. Norton
1250 Broadway, 27th Fl.
New York, NY 10001
tel. 212.619.5400