LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP, representing investors of Tesco PLC (“Tesco” or the “Company”) (OTC:TSCDY), announces that the Class Period has been expanded in the shareholder lawsuit filed against Tesco in the United States District Court for the Southern District of New York. The class action complaint includes claims on behalf of purchasers of Tesco American Depositary Receipts between April 17, 2013 and October 22, 2014, inclusive (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.
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, 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 firstname.lastname@example.org, 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.
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