Walmart wins appeal against shareholders accusing them of fraud for not disclosing opioid investigation. Court ruled the retailer did not commit securities fraud by waiting to reveal the probe. Walmart learned of the investigation after federal agents raided a store seeking records on prescribing doctors.

Despite not being indicted, Walmart faces a civil lawsuit from the DOJ scheduled for trial in November 2027. Shareholders sued after a ProPublica report led to a stock drop of 5.1%. The 3rd U.S. Circuit Court of Appeals upheld a 2024 dismissal, stating Walmart did not mislead investors.

The court found Walmart’s disclosures did not imply it was not under investigation and that the company acted appropriately to avoid misleading information. Walmart was pleased with the outcome, but shareholders’ lawyers did not comment. In 2022, Walmart settled opioid claims for $3.1 billion with state, local, and tribal governments.

Read more at Yahoo Finance: Walmart defeats shareholder lawsuit over opioid probe disclosures