NEW YORK, NY / ACCESSWIRE / February 13, 2021 / Pomerantz LLP is investigating claims on behalf of investors of Walmart, Inc. ("Walmart" or the "Company") (NYSE:WMT). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Walmart and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On December 22, 2020, the U.S. Department of Justice ("DOJ") issued a press release announcing that it had filed a lawsuit against Walmart for alleged violations of the Controlled Substances Act and the Company's role in the U.S. opioid epidemic. The DOJ press release described the complaint as "alleg[ing] that, as the operator of its pharmacies, Walmart knowingly filled thousands of controlled substance prescriptions that were not issued for legitimate medical purposes or in the usual course of medical practice, and that it filled prescriptions outside the ordinary course of pharmacy practice" and "that, as the operator of its distribution centers, which ceased distributing controlled substances in 2018, Walmart received hundreds of thousands of suspicious orders that it failed to report as required to by the [Drug Enforcement Administration]."
On this news, Walmart's stock price fell $2.75 per share, or 1.88%, over the next two trading days, to close at $144.20 per share on December 23, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP