INVESTOR ALERT: Glancy Binkow & Goldberg LLP Announces An Expanded Class Period in the Shareholder Lawsuit Against Tesco PLC
25 Novembro 2014 - 6:44PM
Business Wire
Glancy Binkow & Goldberg LLP, representing investors of
Tesco PLC (“Tesco” or the “Company”) (OTC:TSCDY), has filed a
shareholder lawsuit in the United States District Court for the
Southern District of New York with an expanded Class Period,
including purchasers of Tesco American Depositary Shares (“ADSs”)
between January 9, 2014 and October 22, 2014 (the “Class
Period”).
Tesco operates as a grocery retailer through stores offering
food, groceries, clothing and general merchandise. The Complaint
alleges that defendants made false and/or misleading statements and
failed to disclose material adverse facts about the Company’s
business, operations and prospects. Specifically, defendants
misrepresented or failed to disclose that: (1) the Company
improperly recognized revenue early and delayed accrual of costs;
(2) as a result, the Company overstated its profit forecast for
fiscal 2015; (3) the Company misrepresented its financial
statements and guidance forecasts; and (4), as a result of the
foregoing, defendants’ statements about Tesco’s business,
operations and prospects were materially false and misleading
and/or lacked a reasonable basis.
On October 23, 2014, the Company disclosed that an independent
investigation by Deloitte had concluded that there was a gross
overstatement of profit expectations, and that fraudulent revenue
recognition and accounting practices to increase profits had
occurred over several reporting periods. As a result of this news,
Tesco shares fell $0.52 per share, to a closing price of $8.18 per
share on October 23, 2014.
If you are a member of the Class described above, you may move
the Court no later than December 22, 2014, to serve as lead
plaintiff, if you meet certain legal requirements. To be a member
of the Class you need not take any action at this time; you may
retain counsel of your choice or take no action and remain an
absent member of the Class. If you wish to learn more about this
action, or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Lesley Portnoy, Esquire, or Casey Sadler, Esquire, of Glancy Binkow
& Goldberg LLP, 1925 Century Park East, Suite 2100, Los
Angeles, California 90067, 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
PortnoyCasey Sadler(310) 201-9150(888)
773-9224shareholders@glancylaw.comwww.glancylaw.com
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