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This case was last updated from PACER on 05/04/2021 at 10:37:01 (UTC).

Martin v. Walmart Inc. et al

Case Summary

On March 5, 2021, Jason Martin (“Plaintiff”), individually and on behalf of all other persons similarly situated, represented by Peter Bradford deLeeuw of deLeeuw Law LLC filed a class action lawsuit against Walmart Inc. (“Walmart” or the “Company”), C. Douglas McMillon (“McMillon”) and M. Brett Biggs (“Biggs”). Defendants McMillon and Biggs are collectively referred to herein as the “Individual Defendants.” Plaintiff sought certification of class action and compensatory damages among other reliefs for allegedly misleading investors by making false/misleading statements about the Company’s business. This case was filed in U.S. District Court in the District of Delaware with Judge Colm F. Connolly presiding

 

Pursuant to Federal Rule of Civil Procedure 23(b)(3), the Plaintiff asserted to have filed the claim on behalf of a class consisting of all persons other than defendants who acquired Walmart securities publicly traded on NYSE during the Class Period, and who were damaged thereby.

 

In its complaint, the Plaintiff alleged that “The statements contained in ¶15-26 were materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operations and prospects, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company knowingly filled prescriptions that were issued by so- called “pill-mill” prescribers; (2) the Company filled thousands of prescriptions that showed obvious red flags, including highly-dangerous cocktails of drugs, (3) the Company’s managers made it difficult for Walmart pharmacists to comply with their legal obligations by pressuring them to fulfill as many orders as possible; (4) hence, the Company’s pharmacy revenues were inflated because the Company filled thousands of invalid prescriptions in violation of the Controlled Substance Act dispensing requirements; (5) the aforementioned conduct would subject the Company to regulatory scrutiny; and (6) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.”

 

Plaintiff further alleged that “Defendants acted with scienter in that they knew that the public documents and statements issued or disseminated in the name of Walmart were materially false and misleading; knew that such statements or documents would be issued or disseminated to the investing public; and knowingly and substantially participated, or acquiesced in the issuance or dissemination of such statements or documents as primary violations of the securities laws. These defendants by virtue of their receipt of information reflecting the true facts of Walmart, their control over, and/or receipt and/or modification of Walmart’s allegedly materially misleading statements, and/or their associations with the Company which made them privy to confidential proprietary information concerning Walmart, participated in the fraudulent scheme alleged herein.”

 

There are two claims for relief laid down by the Plaintiff. The first claim for relief is against all Defendants for Violation of Section 10(b) of The Exchange Act and Rule 10b-5 Promulgated Thereunder and the second claim is against the individual defendants for violation of Section 20(a) of The Exchange Act. 

 

In its prayer for relief, the Plaintiff requested the court to pass an order to define the class as requested and to certify this as a class action in accordance with Federal Rule of Civil Procedure 23, awarding damages to Plaintiff along with costs of litigation. 

 

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    1:21-CV-00342

  • Filing Date:

    03/05/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Finance - Security/Commodity/Exchange

  • Court:

    U.S. District Courts

  • Courthouse:

    Delaware District

Judge Details

Presiding Judge

Colm F. Connolly

 

Party Details

Plaintiff

Jason Martin

Petitioner

Oren Movahedian

Defendants

M. Brett Biggs

Walmart Inc.

C. Douglas McMillon

M. Brett Biggs, Jr.

Attorney/Law Firm Details

Plaintiff and Petitioner Attorney

Peter Bradford deLeeuw

Attorney at deLeeuw Law LLC

1301 Walnut Green Road

Wilmington, DE 19807

Defendant Attorneys

Robert W. Whetzel

Attorney at Richards, Layton & Finger, PA

One Rodney Square, Suite 600, 920 N. King Street

Wilmington, DE 19801

Raymond J. DiCamillo

Attorney at Richards, Layton & Finger, PA

One Rodney Square, Suite 600, 920 N. King Street

Wilmington, DE 19801

John M. O'Toole

Attorney at Richards, Layton & Finger

920 N. King St.

Wilmington, DE 19801

 

Court Documents

#14

(#14) NOTICE of of Non-Opposition to Competing Motion for Consolidation, Appointment as Lead Plaintiff, and Approval of Lead Counsel by Oren Movahedian re (11 in 1:21-cv-00342-CFC, 13 in 1:21-cv-00055-CFC) MOTION For: (1) Consolidation Of Related Actions; (2) Appointment As Lead Plaintiff; And (3) Approval Of Selection Of Counsel (deLeeuw, Peter) (Entered: 04/05/2021)

13 #5

Exhibit 5

13 #4

Exhibit 4

13 #3

Exhibit 3

13 #2

Exhibit 2

13 #1

Exhibit 1

13 #15

(#13) DECLARATION re (12 in 1:21-cv-00342-CFC) Opening Brief in Support, (14 in 1:21-cv-00055-CFC) Opening Brief in Support, by Kim Kengle, as trustee of the Kim K. Kengle 2000 Trust. (Attachments: #1 Exhibit 1, #2 Exhibit 2, #3 Exhibit 3, #4 Exhibit 4, #5 Exhibit 5)(Farnan, Brian) (Entered: 03/22/2021)

#12

(#12) OPENING BRIEF in Support re #11 MOTION For: (1) Consolidation Of Related Actions; (2) Appointment As Lead Plaintiff; And (3) Approval Of Selection Of Counsel filed by Kim Kengle, as trustee of the Kim K. Kengle 2000 Trust.Answering Brief/Response due date per Local Rules is 4/5/2021. (Farnan, Brian) (Entered: 03/22/2021)

11 #1

Text of Proposed Order

11 #13

(#11) MOTION For: (1) Consolidation Of Related Actions; (2) Appointment As Lead Plaintiff; And (3) Approval Of Selection Of Counsel - filed by Kim Kengle, as trustee of the Kim K. Kengle 2000 Trust. (Attachments: #1 Text of Proposed Order)(Farnan, Brian) (Entered: 03/22/2021)

10 #5

Exhibit E

10 #4

Exhibit D

10 #3

Exhibit C

10 #2

Exhibit B

10 #1

Exhibit A

10 #12

(#10) DECLARATION re (10 in 1:21-cv-00055-CFC, 8 in 1:21-cv-00342-CFC) MOTION of Oren Movahedian for Consolidation of Related Actions, Appointment as Lead Plaintiff, and Approval of Lead Counsel [Declaration of P. Bradford Deleeuw in Support of Motion of Oren Movahedian for Consolidation of Related Actions, Appointment as Lead Plaintiff, and Approval of Lead Counsel] by Oren Movahedian. (Attachments: #1 Exhibit A, #2 Exhibit B, #3 Exhibit C, #4 Exhibit D, #5 Exhibit E)(deLeeuw, Peter) (Entered: 03/22/2021)

8 #1

Text of Proposed Order

8 #10

(#8) MOTION of Oren Movahedian for Consolidation of Related Actions, Appointment as Lead Plaintiff, and Approval of Lead Counsel - filed by Oren Movahedian. (Attachments: #1 Text of Proposed Order)(deLeeuw, Peter) (Entered: 03/22/2021)

21 More Documents Available
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Docket Entries

  • 04/05/2021
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  • Docket(#14) NOTICE of of Non-Opposition to Competing Motion for Consolidation, Appointment as Lead Plaintiff, and Approval of Lead Counsel by Oren Movahedian re (11 in 1:21-cv-00342-CFC, 13 in 1:21-cv-00055-CFC) MOTION For: (1) Consolidation Of Related Actions; (2) Appointment As Lead Plaintiff; And (3) Approval Of Selection Of Counsel (deLeeuw, Peter) (Entered: 04/05/2021)

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  • 03/22/2021
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  • Docket(#13) DECLARATION re (12 in 1:21-cv-00342-CFC) Opening Brief in Support, (14 in 1:21-cv-00055-CFC) Opening Brief in Support, by Kim Kengle, as trustee of the Kim K. Kengle 2000 Trust. (Attachments: #1 Exhibit 1, #2 Exhibit 2, #3 Exhibit 3, #4 Exhibit 4, #5 Exhibit 5)(Farnan, Brian) (Entered: 03/22/2021)

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  • 03/22/2021
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  • Docket(#12) OPENING BRIEF in Support re #11 MOTION For: (1) Consolidation Of Related Actions; (2) Appointment As Lead Plaintiff; And (3) Approval Of Selection Of Counsel filed by Kim Kengle, as trustee of the Kim K. Kengle 2000 Trust.Answering Brief/Response due date per Local Rules is 4/5/2021. (Farnan, Brian) (Entered: 03/22/2021)

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  • 03/22/2021
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  • Docket(#11) MOTION For: (1) Consolidation Of Related Actions; (2) Appointment As Lead Plaintiff; And (3) Approval Of Selection Of Counsel - filed by Kim Kengle, as trustee of the Kim K. Kengle 2000 Trust. (Attachments: #1 Text of Proposed Order)(Farnan, Brian) (Entered: 03/22/2021)

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  • 03/22/2021
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  • Docket(#10) DECLARATION re (10 in 1:21-cv-00055-CFC, 8 in 1:21-cv-00342-CFC) MOTION of Oren Movahedian for Consolidation of Related Actions, Appointment as Lead Plaintiff, and Approval of Lead Counsel [Declaration of P. Bradford Deleeuw in Support of Motion of Oren Movahedian for Consolidation of Related Actions, Appointment as Lead Plaintiff, and Approval of Lead Counsel] by Oren Movahedian. (Attachments: #1 Exhibit A, #2 Exhibit B, #3 Exhibit C, #4 Exhibit D, #5 Exhibit E)(deLeeuw, Peter) (Entered: 03/22/2021)

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  • 03/22/2021
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  • Docket(#9) OPENING BRIEF in Support re #8 MOTION of Oren Movahedian for Consolidation of Related Actions, Appointment as Lead Plaintiff, and Approval of Lead Counsel filed by Oren Movahedian.Answering Brief/Response due date per Local Rules is 4/5/2021. (deLeeuw, Peter) (Entered: 03/22/2021)

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  • 03/22/2021
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  • Docket(#8) MOTION of Oren Movahedian for Consolidation of Related Actions, Appointment as Lead Plaintiff, and Approval of Lead Counsel - filed by Oren Movahedian. (Attachments: #1 Text of Proposed Order)(deLeeuw, Peter) (Entered: 03/22/2021)

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  • 03/22/2021
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  • Docket(#7) SO ORDERED, re #6 Stipulation filed by M. Brett Biggs, C. Douglas McMillon, Walmart Inc.. Signed by Judge Colm F. Connolly on 3/22/2021. (fms) (Entered: 03/22/2021)

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  • 03/19/2021
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  • Docket(#6) STIPULATION and [Proposed] Order to Extend Time to Respond to the Complaint and Regarding Acceptance of Service by M. Brett Biggs, C. Douglas McMillon, Walmart Inc.. (Whetzel, Robert) (Entered: 03/19/2021)

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  • 03/19/2021
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  • Docket(#5) NOTICE of Appearance by Robert W. Whetzel on behalf of Walmart Inc. (Whetzel, Robert) (Entered: 03/19/2021)

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  • 03/19/2021
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  • Docket(#4) NOTICE of Appearance by John M. O'Toole on behalf of M. Brett Biggs, C. Douglas McMillon, Walmart Inc. (O'Toole, John) (Entered: 03/19/2021)

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  • 03/19/2021
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  • Docket(#3) NOTICE of Appearance by Raymond J. DiCamillo on behalf of All Defendants (DiCamillo, Raymond) (Entered: 03/19/2021)

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  • 03/10/2021
  • DocketCase Assigned to Judge Colm F. Connolly. Please include the initials of the Judge (CFC) after the case number on all documents filed. (rjb) (Entered: 03/10/2021)

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  • 03/05/2021
  • DocketNo Summons Issued. (kmd) (Entered: 03/05/2021)

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  • 03/05/2021
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  • Docket(#2) Notice, Consent and Referral forms re: U.S. Magistrate Judge jurisdiction. (kmd) (Entered: 03/05/2021)

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  • 03/05/2021
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  • Docket(#1) COMPLAINT for Violations of the Federal Securities Laws filed with Jury Demand against M. Brett Biggs, C. Douglas McMillon, Walmart Inc. - Magistrate Consent Notice to Pltf. (Filing fee $402, receipt number ADEDC-3564559.) - filed by Jason Martin. (Attachments: #1 Certification, #2 Civil Cover Sheet)(kmd) (Entered: 03/05/2021)

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