Wal-Mart wrestles with blowback from bribery probe
HTT Staff -- Home Textiles Today, 4/23/2012 12:44:33 PM
Bentonville, Ark. - Wal-Mart Stores Inc. stock was down nearly 5% at mid-day, a reaction to a New York Times investigative report yesterday that alleged Wal-Mart engaged in bribery to fuel its expansion in Mexico, potentially violating the U.S.'s Foreign Corrupt Practices Act.
The article also claimed senior Wal-Mart executives stifled an internal investigation.
Wal-Mart issued a statement April 21 ahead of the article's publication noting that many of the alleged activities took place more than six years ago. It said its own internal investigation is ongoing.
"If these allegations are true, it is not a reflection of who we are or what we stand for," the company said in a statement.
"We have met voluntarily with the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) to self-disclose the ongoing investigation on this matter. We also filed a 10-Q in December to inform our shareholders of the investigation. The company's outside advisors have and will continue to meet with the DOJ and SEC to report on the progress of the investigation," it stated.