NEW YORK (TheStreet) -- Shares of Walmart Stores (WMT) are down 0.54% to $85.48 after the company was accused by investors of allegedly ignoring a court order to turn over more internal files on what directors knew about claims that officials doled out bribes to facilitate Mexican real estate deals in an effort to expand the chain's presence in the country, Bloomberg reports.
Walmart should be ordered to pay more than $1 million in sanctions for allegedly ignoring the Delaware Chancery Court judge's order, according to an Indiana Electrical Workers Pension Trust Fund IBEW, which contends Walmart directors did not properly oversee company operations, Bloomberg said.
Walmart said it has spent the past two years investigating allegations of bribery and corruption in Mexico and other countries, and is cooperating with a federal probe into those claims, according to Bloomberg.
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In April, it said it had racked up legal fees and compliance costs of more than $400 million so far, and estimated it could spend as much as $240 million this year, Bloomberg added.
Separately, Enrique Ostalé will assume the CEO role at Walmart's Mexican and Central American operation, Walmart de Mexico, in January, which accounts for about 6% of Walmart's annual sales, the Wall Street Journal reports.
TheStreet Ratings team rates WAL-MART STORES INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation: