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Wal-Mart de Mexico (ADS) (OTC: WMMVY) Investor Securities Class Action Lawsuit 04/05/2013

  • If you purchased American Depositary Shares of Wal-Mart de Mexico (OTC: WMMVY), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Wal-Mart de Mexico
Security
OTC: WMMVY

Case Name
Wal-Mart de Mexico Shareholder Class Action Lawsuit 04/05/2013
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
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Summary

February 27, 2017 - The court granted defendants' motion to dismiss with prejudice.
May 6, 2016 - The defendants filed a motion to dismiss.

April 7, 2016 - The lead plaintiff filed a second amended complaint.

February 5, 2016 - The defendants filed a motion to dismiss.

January 5, 2016 - The court denied defendants' motion to dismiss without prejudice to its renewal.

April 6, 2015 - The defendants filed a motion to dismiss.

December 8, 2014 - The lead plaintiff filed an amended complaint on behalf of investors who purchased American Depositary Shares of Wal-Mart de Mexico (OTC: WMMVY) common shares between December 8, 2011 and April 24, 2012. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between December 8, 2011 and April 24, 2012.

June 10, 2013 - The lead plaintiff and lead counsel were appointed.

June 4, 2013 - A lead plaintiff motion was filed.

April 5, 2013 - An investor in American Depositary Shares (ADS) of Wal-Mart de Mexico (OTC: WMMVY) filed a lawsuit in the U.S. Court for the Southern District of New York against Wal-Mart de Mexico over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 21, 2012 and April 22, 2012.

The complaint alleges that defendants violated the Exchange Act by issuin,g between February 21, 2012 and April 22, 2012, materially false and misleading statements regarding Wal-Mart de Mexico's business practices with respect to unlawful or unethical bribery conduct. Specifically, the complaint alleges that Wal-Mart de Mexico failed to disclose that it had been involved in a bribery scheme, and as a result of the false and misleading statements disseminated by defendants, the Wal-Mart de Mexico American Depositary Shares (OTC: WMMVY) traded at artificially inflated prices.

On April 22, 2012, The New York Times published an article concerning bribes made by Walmart de Mexico beginning as early as 2005. According to the article Walmart de Mexico spent more than $24 million in bribes. The article further alleged that Walmart de Mexico executives knew about the payments and actively took steps to conceal them.