Summary
Walmart Inc. has announced a significant development regarding a securities class action lawsuit filed in 2012. The company, along with the City of Pontiac General Employees’ Retirement System (PGERS), has jointly requested preliminary approval from the U.S. District Court for the Western District of Arkansas to finalize a proposed settlement. This proposed settlement amounts to $160 million and is intended to resolve claims alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The class action represents shareholders who purchased Walmart stock within a specific period, from December 8, 2011, to April 20, 2012. Importantly, the settlement does not involve any admission of fault, liability, or wrongdoing by Walmart or any other defendant, aiming to bring closure to this legal matter.
Key Highlights
- 1Walmart Inc. is seeking preliminary court approval for a $160 million settlement of a securities class action lawsuit.
- 2The lawsuit, filed in 2012, involves allegations of violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
- 3The settlement covers claims from shareholders who purchased Walmart stock between December 8, 2011, and April 20, 2012.
- 4The proposed settlement amount of $160 million will cover both shareholder claims and the costs of administration, legal fees, and expenses.
- 5The settlement explicitly states that it does not constitute an admission of fault, liability, or wrongdoing by Walmart or any defendant.
- 6The filing was made on October 26, 2018, with the event date being October 25, 2018.