Settlement of City of Pontiac General Employees’ Retirement System v. Wal-Mart Stores, Inc., et al., Case No. 5:12-cv-05162-SOH
On April 8, 2019, the Honorable Susan O. Hickey of the U.S. District Court for the Western District of Arkansas granted final approval of a $160 million settlement in City of Pontiac General Employees’ Retirement System v. Wal-Mart Stores, Inc., et al.
The case arose from allegations published by The New York Times in an article released on April 21, 2012, describing an alleged bribery scheme that occurred in Mexico. Based on the Times’ article and email evidence Robbins Geller obtained, the case charged that Wal-Mart portrayed itself to investors as a model corporate citizen that had proactively uncovered potential corruption and promptly reported it to law enforcement when in truth, a former in-house lawyer had blown the whistle on Wal-Mart’s corruption years earlier, and Wal-Mart concealed the allegations from law enforcement by refusing its own in-house and outside counsel’s calls for an independent investigation. As a result of this scheme, investors purchased shares at artificially inflated prices, which crashed when the Times revealed the truth. Lead Plaintiff and Lead Counsel, City of Pontiac General Employees’ Retirement System and Robbins Geller, were the only plaintiff and law firm in the country, including over a dozen who filed failed lawsuits, to figure out how to recover the money investors lost in the weeks following the Times’ exposé.
Robbins Geller “achieved an exceptional settlement with skill, perseverance, and diligent advocacy,” said Judge Hickey when granting final approval.
If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900.