Wal-Mart voluntarily disclosed a possible Foreign and Corrupt Practices Act violation, but not, according to The New York Times, before shutting down an internal investigation into the matter.

The company's stock price fell nearly 5 percent after reports of misconduct surfaced – and the fallout may just be starting, explained Buchanan Ingersoll & Rooney Miami litigator Matthew J. Feeley. Wal-Mart is likely facing large fines from the Justice Department and the Securities Exchange Commission, and jail time is a possibility for any executive found guilty of a crime.

Read the full article: "Wal-Mart Stock Falls Nearly 5% After Report of Quashed Bribery Inquiry," The New York Times (April 23, 2012)

"I think there's going to be a lot of pressure to come down hard on them as a company, not entirely because of the actual violations but because of the failure to do anything internally when those violations came to light," Feeley explained.

More from Feeley on Wal-Mart, FCPA: "Buchanan Litigator Matthew J. Feeley Talks Wal-Mart FCPA Case in New York Times," (December 29, 2011)