Post by icemandios on Mar 15, 2018 18:16:20 GMT
Wal-Mart Stock Tumbles After Whistleblower Accusations
Profile picture for user Tyler Durden
by Tyler Durden
Thu, 03/15/2018 - 14:01
Wal-Mart stock is sinking fast following reports that, according to a new whistle-blower lawsuit, that in its desperate race to catch Amazon in online retailing, Wal-Mart issued misleading e-commerce results and fired an executive who complained the company was breaking the law.
Bloomberg reports that Tri Huynh, a former director of business development at Walmart, claims in a lawsuit filed in San Francisco Thursday that he was terminated “under false pretenses” after repeatedly raising concerns about the company’s “overly aggressive push to show meteoric growth in its e-commerce business by any means possible -- even, illegitimate ones.”
Investors are not waiting for a response for now...
The question is - did Wal-Mart go full-Theranos in their 'fake news' results for online growth? Judging by the move after a few minutes... maybe yes, as WMT sinks below its 200DMA
