NEW YORK, Dec. 27, 2024 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Walmart Inc. (“Walmart” or the “Company”) (NYSE: WMT). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Walmart and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On December 23, 2024, the Consumer Financial Protection Bureau (“CFPB”) announced that it had filed a lawsuit against Walmart and Branch Messenger for forcing delivery drivers to use costly deposit accounts to get paid and for deceiving workers—”last mile” drivers in Walmart’s Spark Driver program—about how they could access their earnings.
The CFPB’s lawsuit alleges that Walmart and Branch opened Branch accounts for Spark Drivers, and Walmart then deposited drivers’ pay into these accounts, without the drivers’ consent.
According to the CFPB, Walmart told Spark Drivers that they were required to use Branch to get paid and that they would terminate workers who did not want to use these accounts. Further, Walmart and Branch also misled workers about the availability of same-day access to their earnings.
In addition, in a press release announcing the lawsuit, the CFPB stated that “[d]rivers had to follow a complex process to access their funds, and when they finally did, they faced further delays or fees if they needed to transfer the money they earned into an account of their choice. This resulted in workers paying more than $10 million in fees to transfer their earnings to an account of their choice.”
On this news, Walmart’s stock price fell sharply during intraday trading on December 23, 2024.
On December 16, 2024, Enovix issued a press release “announc[ing] that CFO Farhan Ahmad has left the company and that it is searching for a new CFO.”
On this news, Enovix’s stock price fell $0.56 per share, or 6.24%, to close at $8.42 per share on December 16, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
