NEW YORK, Oct. 1, 2014 /PRNewswire/ -- Pomerantz LLP is
investigating claims on behalf of investors of Tesco PLC ("Tesco"
or the "Company") (LSE: TSCO.L) (OTC: TSCDY). Such investors
are advised to contact Robert S.
Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext.
237.
The investigation concerns whether Tesco and certain of its
officers and/or directors have violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934.
On September 22, 2014, the Company
announced that it 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. The announcement comes after Tesco
last month cut its profit forecast for the year to between £2.4
billion and £2.5 billion.
On September 29, 2014 Tesco shares
were down more than 4% by early afternoon after the retailer said
the Financial Conduct Authority had launched a probe into how the
Cheshunt, England, grocer came to
overstate estimated first-half profit to the tune of £250 million
($405 million).
On this news, shares of Tesco fell $1.68 per share, or about 15%, to close at
$9.61 on September 22, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San
Diego and Florida, is
acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late
Abraham L. Pomerantz, known as the
dean of the class action bar, the Pomerantz Firm pioneered the
field of securities class actions. Today, more than 70 years later,
the Pomerantz Firm continues in the tradition he established,
fighting for the rights of the victims of securities fraud,
breaches of fiduciary duty, and corporate misconduct. The Firm has
recovered numerous multimillion-dollar damages awards on behalf of
class members. See www.pomerantzlaw.com.
CONTACT:
Robert S.
Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
SOURCE Pomerantz LLP