Gainey McKenna & Egleston Files Class Action Against Wal-Mart de Mexico SAB de
CV -- WMMVY
NEW YORK, April 5, 2013 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston today
announced that it filed a class action in the United States District Court for
the Southern District of New York on behalf of purchasers of the American
Depositary Shares ("ADRs") of Wal-Mart de Mexico SAB de CV ("Wal-Mart de
Mexico" or the "Company") (OTC:WMMVY) between February 21, 2012 through April
22, 2012, inclusive (the "Class Period"). The case is brought against Wal-Mart
de Mexico and Ernesto Vega (the Chairman of the Board of Directors, Chairman
of the Audit and Corporate Practices Committee of Wal-Mart de Mexico), seeking
to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange
If you wish to serve as lead plaintiff, you must move the Court no later than
June 4, 2013. If you wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact Plaintiff's
counsel, Thomas J. McKenna, Esq. of Gainey McKenna & Egleston at (212)
983-1300, or via e-mail at firstname.lastname@example.org. Any member of the putative
class may move the Court to serve as lead plaintiff through counsel of their
choice, or may choose to do nothing and remain an absent class member.
The Complaint alleges that Defendants Wal-Mart de Mexico and Ernesto Vega
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.
Plaintiff seeks to recover damages on behalf of all purchasers of Wal-Mart de
Mexico ADRs during the Class Period. The Plaintiff is represented by Gainey
McKenna & Egleston (http://www.gme-law.com), whose attorneys have decades of
experience in prosecuting securities class actions and investor class actions
throughout the United States.
CONTACT: Thomas J. McKenna, Esq.
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