WILMINGTON, Del., Nov. 3, 2014 /PRNewswire/ -- Rigrodsky &
Long, P.A.:
- Do you, or did you, own shares of Tesco PLC (OTC PINK:
TSCDY)?
- Did you purchase your shares between February 2, 2014 and September 22, 2014, inclusive?
- Did you lose money in your investment in Tesco PLC?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant
United States Attorney, Timothy J.
MacFall, announces that a complaint has been filed in the
United States District Court for the Southern District of
New York on behalf of all persons
or entities that purchased American Depositary Receipts ("ADRs") of
Tesco PLC ("Tesco") (OTC PINK: TSCDY) between February 2, 2014 and September 22, 2014, inclusive (the "Class
Period"), alleging violations of the Securities Exchange Act of
1934 against the Company and certain of its officers (the
"Complaint").
If you purchased shares of Tesco during the Class Period, and
wish to discuss this action or have any questions concerning this
notice or your rights or interests, please contact Timothy J.
MacFall, Esquire or Peter Allocco of
Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120,
Wilmington, DE 19803 at (888)
969-4242; by e-mail to info@rl-legal.com; or at:
http://www.rigrodskylong.com/investigations/tesco-plc-tscdy.
Tesco is a multinational grocery and general merchandise
retailer headquartered in the United Kingdom. The Complaint
alleges that throughout the Class Period, defendants made
materially false and misleading statements, and omitted materially
adverse facts, about the Company's business, operations and
prospects. As a result of defendants' alleged false and
misleading statements, the Company's stock traded at artificially
inflated prices during the Class Period.
According to the Complaint, on September
22, 2014, Tesco issued a press release announcing that
during its final preparations for the forthcoming interim results,
"it [had] identified an overstatement of its expected profit for
the half year, principally due to the accelerated recognition of
commercial income and delayed accrual of costs." Further, "the
Board believes that the guidance issued on 29 August 2014 for the Group profits for the six
months to 23 August 2014 was
overstated by an estimated [£]250m" (approximately $402 million). The Company also announced
that it had suspended four executives after discovering that profit
estimates had been overstated.
On this news, shares in Tesco dropped almost 15%, closing at
$9.61 per share on September 22, 2014, on unusually heavy trading
volume.
If you wish to serve as lead plaintiff, you must move the Court
no later than December 22,
2014. A lead plaintiff is a representative party
acting on behalf of other class members in directing the
litigation. In order to be appointed lead plaintiff, the
Court must determine that the class member's claim is typical of
the claims of other class members, and that the class member will
adequately represent the class. Your ability to share in any
recovery is not, however, affected by the decision whether or not
to serve as a lead plaintiff. Any member of the proposed class
may move the court to serve as lead plaintiff through counsel of
their choice, or may choose to do nothing and remain an absent
class member.
While Rigrodsky & Long, P.A. did not file the Complaint in
this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates
securities class, derivative and direct actions, shareholder rights
litigation and corporate governance litigation, including claims
for breach of fiduciary duty and proxy violations in the
Delaware Court of Chancery and in
state and federal courts throughout the
United States.
Attorney advertising. Prior results do not guarantee a
similar outcome.
CONTACT:
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter Allocco
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com
SOURCE Rigrodsky & Long, P.A.