INVESTOR ALERT: Investigation on Behalf of Tesco PLC Shareholders Announced by Glancy Binkow & Goldberg LLP
22 Setembro 2014 - 6:13PM
Business Wire
Glancy Binkow & Goldberg LLP announces that it is
investigating potential claims on behalf of purchasers of the
American Depositary Receipts (“ADRs”) of Tesco PLC (“Tesco” or the
“Company”) (OTC:TSCDY) concerning possible violations of federal
securities laws. The investigation focuses on certain statements
issued by the Company concerning Tesco’s operations and financial
performance.
Please contact Lesley Portnoy at (310) 201-9150, or at
shareholders@glancylaw.com to discuss this matter. If you inquire
by email, please include your mailing address, telephone number and
number of shares purchased.
Tesco, together with its subsidiaries, operates as a grocery
retailer through stores offering food, groceries, clothing and
general merchandise. The Company also provides retail banking,
financial and insurance services. The investigation is related to
Tesco’s September 22, 2014, disclosure that the Company is
investigating the overstatement of its profit forecast for 2015 by
approximately $408.8 million. According to the Company, its most
recent profit forecast for fiscal 2015 was overestimated as a
result of an accounting error related to revenue that was booked
early and by delayed recognition of costs. During a conference
call, the Company’s chief executive officer told analysts and
investors that an “informed employee” voiced concerns to the
Company’s general counsel about the accounting issue, and that a “a
number of people,” including four senior executives, have been
suspended pending the conclusion of the Company’s investigation.
Following these disclosures, Tesco shares dropped as much as 14%,
or $1.60 per share, in intraday trading on September 22, 2014.
If you purchased Tesco ADRs, if you have information, or would
like to learn more, or have any questions concerning this
announcement or your rights or interests with respect to these
matters, please contact Lesley Portnoy, Esquire, of Glancy Binkow
& Goldberg LLP, 1925 Century Park East, Suite 2100, Los
Angeles, California 90067 at (310) 201-9150, Toll Free at (888)
773-9224, by e-mail to shareholders@glancylaw.com, or visit our
website at http://www.glancylaw.com. If you inquire by email please
include your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CALesley
Portnoy888-773-9224310-201-9150shareholders@glancylaw.comwww.glancylaw.com
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