SEC asks Wal-Mart for more details in its financial filings
The Securities and Exchange Commission (SEC) asked retail giant and FCPA problem child Wal-Mart to add more details in its future financial reports, specifically on its legal proceedings and cybersecurity risk.
August 07, 2012 at 07:46 AM
2 minute read
The original version of this story was published on Law.com
The Securities and Exchange Commission (SEC) asked retail giant and FCPA problem child Wal-Mart to add more details in its future financial reports, specifically on its legal proceedings and cybersecurity risk.
Wal-Mart and the SEC were communicating back and forth in June and July about its fiscal first quarter report (for the quarter ending April 30), and fiscal year report (for the year ending Jan. 31), but the correspondence was just made public on Monday.
The SEC asked Wal-Mart CFO Charles Holley to go into greater detail in the quarterly report's “legal proceedings” section, and disclose the range of a possible loss from litigation, or explain why the company was unable to give such a range. Obviously, ever since reports surfaced in April of Wal-Mart's possible bribery scheme in Mexico, the legal proceedings section is of particular interest to investors.
The SEC also requested that, in the annual report, Wal-Mart disclose if it has suffered any security breaches and explain its “risk factor” for future attacks. According to Wal-Mart, though hackers have often attempted to gain access to the company's information, they have yet to succeed. The company “may be vulnerable” in the future, however, it says.
Read more at Thomson Reuters.
For more InsideCounsel stories about Wal-Mart, see below:
Wal-Mart accused of violating ADA
Wal-Mart disapproves of $7.25 billion credit card fee settlement
Delaware judge reprimands two plaintiffs in Wal-Mart bribery case
Wal-Mart lawyers highlight 5 countries with highest bribery risk
New York City files suit against Wal-Mart over bribery scandal
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