Wed. Jun 19th, 2024

An investor, who purchased shares of Walmart Inc. (NYSE: WMT), filed a lawsuit over alleged violations of Federal Securities Laws by Walmart Inc.

Investors who purchased a significant amount of shares of Walmart Inc. (NYSE: WMT) have certain options and for certain investors are short and strict deadlines running. Deadline: March 22, 2021. NYSE: WMT investors should contact the Shareholders Foundation at or call +1(858) 779 – 1554.

On December 22, 2020, the Department of Justice (“DOJ”) announced that it had filed a lawsuit against Walmart Inc. for its role in the opioid epidemic. According to the DOJ, Walmart Inc. “fill[ed] thousands of invalid prescriptions at its pharmacies and fail[ed] to report suspicious orders of opioids and other drugs placed by those pharmacies.” The suit alleges that managers pressured pharmacists to fulfill orders quickly, as the Company believed this service attracted shoppers and kept them in stores, and that Walmart did little to help pharmacists who raised red flags.

Shares of Walmart Inc. (NYSE: WMT) declined from $153.66 per share on December 1, 2020, to $142.30 per share on December 23, 2020.

The plaintiff claims that between March 30, 2016 and December 22, 2020, the defendants made false and/or misleading statements and/or failed to disclose that the Company knowingly filled prescriptions that were issued by so-called “pill-mill” prescribers, that the Company filled thousands of prescriptions that showed obvious red flags, including highly-dangerous cocktails of drugs, that the Company’s managers made it difficult for Walmart pharmacists to comply with their legal obligations by pressuring them to fulfill as many orders as possible, that hence, the Company’s pharmacy revenues were inflated because the Company filled thousands of invalid prescriptions in violation of the Controlled Substance Act dispensing requirements, that the aforementioned conduct would subject the Company to regulatory scrutiny, and that as a result, Defendants’ statements about Walmart’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

By james vines

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