LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising purchasers of the securities of Tesco PLC (“Tesco” or the “Company”) (OTC:TSCDY) between February 2, 2014 and September 22, 2014, inclusive (the “Class Period”). Investors who purchased Tesco securities during the Class Period and wish to serve as a lead plaintiff in the class action must move the Court no later than December 22, 2014.
Please contact Lesley Portnoy, at (888) 773-9224 or (310) 201-9150, or at firstname.lastname@example.org to discuss this matter. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
The securities class action alleges that, throughout the Class Period, Tesco made false and/or misleading statements, as well as failed to disclose material adverse facts. Specifically, on September 22, 2014, Tesco surprised the market when it announced that it had overstated its expected profit for the half year by approximately £250m ($402 million) and that it had accelerated recognition of income and delayed accrual of certain costs. The complaint alleges that when this adverse information became known, the Company's share prices declined nearly 15%, from $11.29 per share on September 19, 2014 to $9.61 per share on September 22, 2014.
To date, at least eight Tesco executives have been suspended due to the allegedly fraudulent activities occurring at the Company, and the Chairman of the Board has resigned, after an independent audit conducted by Deloitte consultants determined that executives at the Company, “deliberately misled its auditors and accountants to flatter its financial results.”
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