According to the law firm press release, the Complaint alleges that Defendants violated the Exchange Act by issuing during the Class Period 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 ADRs traded at artificially inflated prices during the Class Period.
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.
On June 10, 2013, the Court issued an Order appointing Lead Plaintiff and approving the selection of Lead Counsel.
On January 5, 2016, the Court issued an Order denying Defendant's motion to dismiss. Plaintiff filed an amended Complaint on April 7. Defendant filed a Motion to Dismiss the amended Complaint on May 6.
On February 27, 2017, the Court issued an Order granting Defendants' Motion to Dismiss with prejudice. On March 23, Plaintiff filed a Motion to amend the Judgment to allow Plaintiff to file an amended Complaint. The Court filed an Order Denying the Motion for Reconsideration on February 21, 2018. Plaintiff filed a Notice appealing this decision on March 7.