Wal-Mart Stores Inc. (WMT) was sued by a shareholder claiming its executives and directors mismanaged the company, leading to alleged bribery of officials in Mexico and coverup of an internal probe.
Company officers and directors responsible for the wrongdoing should reimburse Bentonville, Arkansas-based Wal-Mart for damages related to the investigation and the alleged bribery, lawyers for investor Henrietta Klein said in a Delaware Chancery Court complaint filed today in Wilmington.
Officials “are required to use their utmost ability” to manage Wal-Mart fairly, and have shown “a reckless disregard for their duties” and “should have been aware” of “a risk of serious injury to the company,” Klein said in the suit.
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