Wal-Mart (NYSE:WMT) has breached the Foreign Corrupt Practices Act and ordered an “internal investigation” into the matter.
The Foreign Corrupt Practices Act is a U.S. law that prohibits bribery overseas. According to a regulatory filing with the SEC yesterday, the company discovered the potential violations in the third quarter ended October 31 during an internal compliance review that began earlier this year. The company, of its own accord, met officials in the Dept of Justice and the SEC to inform them of the investigation.
“We are taking a deep look at our policies and procedures in every country in which we operate,” said company spokesman David Tovar. “As a result of information obtained in that process, we have begun an internal investigation related to compliance with” the Foreign Corrupt Practices Act. He declined to provide additional details, adding only that the potential problems were “discrete incidents in specific areas” and not widespread.
Here’s how Walmart shares are trading on the news:
Wal-Mart Stores Inc. (NYSE:WMT): WMT shares recently traded at $58.17, up $0.19, or 0.33%. They have traded in a 52-week range of $48.31 to $59.40. Volume today was 5,422,519 shares versus a 3-month average volume of 12,068,500 shares. The company’s trailing P/E is 12.31, while trailing earnings are $4.72 per share. Get the most recent company news and stock data here >>