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Wal-Mart Stock Slides on Bribery Allegations

3 years ago April 23, 2012 Apr 23, 2012 Monday, April 23 2012 Monday, April 23, 2012 6:28:04 PM CDT in News
Source: Associated Press
By: Michael Marsh

Shares of Wal-mart took a dive after news reports alleging executives of the company in Mexico used a vast bribery scheme to build new stores and covered it up. Wal-Mart stocked dropped nearly 5 percent during trading, at one point. This weekend, the New York Times reported Wal-Mart used millions in bribes to get stores built faster in Mexico. Wal-Mart has some 2,000 locations there now. Analysts say it could lead to a management shake-up or keep the stock under pressure. The company says the behavior is not what Wal-Mart is all about.

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