In re Wal-Mart Derivative Litigation
C.A. No. 7455CS (Delaware Chancery Court) Girard Gibbs is representing the California State Teachers’ Retirement System (CalSTRS) in a derivative action in the Delaware Court of Chancery against current and former executives and board members of Wal-Mart Stores, Inc. The lawsuit alleges that Wal-Mart officials failed to take appropriate action after learning that the company’s Mexican subsidiary had engaged in a $24 million bribery scheme in an attempt to expand its operations in Mexico. The suit also charges senior Wal-Mart officials with engaging in large opportunistic stock sales right before news of the Mexican bribery scandal and cover up were made public. The lawsuit seeks monetary damages along with changes in governance and corporate culture at Wal-Mart.