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 Act").
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. (212) 983-1300 email@example.comSource:Gainey McKenna& Egleston