Shareholders target Wal-mart in lawsuit

A San Diego-based law firm has filed a lawsuit against Wal-mart Stores Inc. on behalf of shareholders in the wake of reports that the company paid bribes to local officials as it expanded its operations in Mexico.

Robins Geller Rudman & Dowd LLP said the lawsuit filed in U.S. District Court for the Middle District of Tennessee seeks to represent shareholders who bought the company’s common stock between Dec. 8, 2011, and April 20, 2012.

The complaint alleges Wal-mart’s actions violated the federal Foreign Corrupt Practices Act. The price of Wal-mart’s stock fell in the wake of news reports about the bribes.

A shareholder lawsuit also has been filed by the California State Teachers Retirement System. Officials of New York City’s pension fund have said they will vote their shares against five directors up for re-election at WalMart’s shareholder meeting next month.

Meanwhile, Change. org, a social activist group, has posted a petition on its website calling on Mike Duke, Wal-mart president and chief executive officer, and Rob Walton, board chairman, to resign.