It seems that some Wal-Mart (NYSE: WMT) shareholders may have been targeted by Wal-Mart security forces as "potential threats" if they had submitted shareholder resolutions for the retailer's upcoming annual shareholders meeting. In an internal memo, shareholders who spoke up with rational voices for the June 1 meeting are having been rumored to be in the "research" pile for Wal-Mart's internal security team. Wow, nice way to treat concerned stockholders, eh?

The rumor most likely has some truth to it, as Wal-Mart lawyers ended up speaking with a few investor groups to apologize for using the phrase "potential threat" in a memo to describe shareholders seeking to propose resolutions to the retailer during its next annual meeting.

Wal-Mart responded by stating that the memo did exist and that it was a standard operating procedure for the retailer's security team to review "potential areas of concern" before each shareholders meeting. In perfect inconsistent fashion, Wal-Mart said "This is mainly using the internet and other public sources to obtain background information ... we did not authorize any surveillance for any of the 14 shareholder groups this year."

Other verbiage from investor groups contacted by Wal-Mart said that company lawyers told them nothing had been done -- not even background internet research. Hmm, who's to believe here? With Wal-Mart's security team headed by CIA and FBI veterans, you better have a clean slate if you wish to propose shareholder resolutions.