An investigation for investors in Tesco PLC (ADR) (OTCMKTS:TSCDY) shares over potential securities laws violations by Tesco PLC was announced and OTCMKTS:TSCDY stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/30/2014 -- The Shareholders Foundation announces that an investigation on behalf of investors of Tesco PLC (ADR) (OTCMKTS:TSCDY) shares was initiated over potential securities laws violations by Tesco PLC and certain of its directors and officers in connection certain financial statements was announced.
Investors who purchased shares of Tesco PLC (ADR) (OTCMKTS:TSCDY) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Tesco PLC (ADR) (OTCMKTS:TSCDY) concerning whether a series of statements by Tesco PLC regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Tesco PLC reported that its Total Revenue rose from over $63.40 billion for the 52 weeks period that ended on Feb. 23, 2013 to over $63.55 billion for the 52 weeks period that ended on Feb. 22, 2014 and that its respective Net Inome increased from $28.00 million to over $1.91 billion.
On September 22, 2014, Tesco PLC (ADR) (OTCMKTS:TSCDY) disclosed that during its final preparations for the forthcoming interim results, Tesco PLC has 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. Furthermore, Tesco PLC said that on the basis of preliminary investigations in to the UK food business, the Board of directors of Tesco PLC 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.
Shares of Tesco PLC (ADR) (OTCMKTS:TSCDY) declined from $14.97 per share in July 2014 to as low as $9.38 per share on September 23, 2014.
On Setpember 26, 2014, OTCMKTS:TSCDY shares closed at $9.44 per share.
Those who purchased shares of Tesco PLC (ADR) (OTCMKTS:TSCDY) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com