SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Walmart Inc. of Class Action Lawsuit and Upcoming Deadline
New York, New York – (Newsfile Corp. – March 7, 2021) – Pomerantz LLP announces that a class action lawsuit has been filed against Walmart Inc. (“Walmart” or the “Company”) (NYSE: WMT) and certain of its officers . The class action lawsuit, filed in the U.S. District Court for the Delaware District, filed under 21-cv-01811, is directed to a class comprised of all investors who purchased or otherwise purchased Walmart publicly traded securities between March 30, 2016 and December 22, 2020 inclusive (the “Class Period”). Plaintiff is seeking damages caused by Defendants violating the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Walmart securities during the class period, you have until March 22, 2021 to petition the court to appoint you as the lead plaintiff for the class. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this promotion, contact Robert S. Willoughby at firstname.lastname@example.org or toll free 888.476.6529 (or 888.4-POMLAW) ext. 7980. Those who inquire by email are encouraged to give their Provide postal address, telephone number and the number of shares purchased.
[Click here for information about joining the class action]
Defendant Walmart does retail and wholesale business in a variety of formats around the world. The company operates in three segments: Walmart US, Walmart International and Sam’s Club. It operates super centers, supermarkets, hypermarkets, warehouse clubs, cash & carry shops, discount stores, drug stores and convenience stores. Members only camp clubs; E-commerce websites such as walmart.com, walmart.com.mx, asda.com, walmart.ca, flipkart.com, and samsclub.com; and mobile commerce applications. It operates around 11,500 stores and various e-commerce websites under its 56 banners in 27 countries.
The complaint alleges that throughout the classroom, defendants made materially false and misleading statements and did not disclose material adverse facts about the company’s business, operations, and compliance policies. In particular, Defendants made false and / or misleading statements and failed to disclose to investors that: (1) the Company knowingly filled in prescriptions issued by so-called “pill mill” writers; (2) The company filled out thousands of recipes that showed obvious red flags, including highly dangerous cocktails with drugs. (3) The company’s managers made it difficult for Walmart pharmacists to meet their legal obligations by pressuring them to fill as many orders as possible; (4) As a result, the company’s pharmacy revenues increased because the company filled out thousands of invalid prescriptions in violation of the dispensing requirements of the Controlled Substances Act. (5) the aforementioned behavior would subject the company to regulatory scrutiny; and (6) as a result, Defendants’ statements about their business, operations and prospects were materially false and misleading and / or were unfounded at all relevant times.
The story goes on
On December 22, 2020, while the market was open, the Justice Department announced in a press release that it had filed a lawsuit against Walmart for alleged violations of the Controlled Substances Act and the company’s role in the opioid epidemic.
In that news, Walmart stock price fell $ 2.75 per share, or 1.88%, over the next two trading days, closing at $ 143.22 per share on December 23, 2020.
The Pomerantz law firm, with offices in New York, Chicago, Los Angeles and Paris, is recognized as one of the leading law firms in the fields of corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the dean of class action, Pomerantz pioneered the field of class action lawsuits. Today, more than 80 years later, the Pomerantz company continues its tradition of fighting for the rights of victims of securities fraud, fiduciary violations and corporate misconduct. The company has reclaimed numerous millions of dollars in damages on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980
The source version of this press release can be found at https://www.newsfilecorp.com/release/76381