| Company: | Tesco PLC |
| Ticker Symbol: | OTC:TSCDY |
| Class Period: | Feb-2-14 to Sep-22-14 |
| Date Filed: | Nov-4-14 |
| Lead Plaintiff Deadline: | Jan-3-15 |
| Court: | Southern District of New York |
| Allegations: | |
The complaint alleges that Tesco and certain of its officers and directors misstated and/or failed to disclose material adverse facts regarding its profit and business revenues. On September 22, 2014 the Company said that the guidance it had given markets last month for the six-month period through Aug. 23 was overstated by an estimated $409 million (£250 million). The misstatement occurred in the company's core British food business. Following the release of this information, Tesco's share price fell sharply, damaging investors.
In addition, on October 29th, the U.K. Serious Fraud Office ("SFO") said it has opened a criminal investigation into Tesco PLC's accounting practices. The retailer was already under investigation by the Financial Conduct Authority ("FCA"), another U.K. regulator, for actions that led to a £263 million ($424.6 million) overstatement of its forecasted fiscal-first-half profit, somewhat more than the £250 million overstatement it flagged in September. The FCA said it would stand aside, given the SFO's decision to investigate. The Company announced last week that the accounting practices in question, which relate to the accelerated recognition of promotional income from suppliers, and delayed accrual of costs, at its core U.K. food business had gone on in at least its two previous financial years.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
