LOS ANGELES, Feb. 8, 2021 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Walmart Inc. ("Walmart" or "the Company") (NYSE: WMT) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's securities between March 30, 2016 and December 22, 2020, inclusive (the ''Class Period''), are encouraged to contact the firm before March 22, 2021.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Walmart knowingly filled improper prescriptions written by "pill-mill" prescribers. Thousands of prescriptions filled by the Company demonstrated obvious red flags such as dangerous mixtures of medications. The Company's management pressured its pharmacists to fill as many prescriptions as possible, making it difficult for them to comply with the law. The Company's pharmacy revenues were artificially inflated due to filling invalid prescriptions in violation of the Controlled Substance Act dispensing requirements. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Walmart, investors suffered damages.