A lawsuit was filed on behalf of investors in Tesco PLC (ADR) (OTCMKTS:TSCDY) shares over alleged securities laws violations. Deadline: December 22, 2014. OTCMKTS:TSCDY investors should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 10/28/2014 -- An investor, who purchased shares of Tesco PLC (ADR) (OTCMKTS:TSCDY), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Tesco PLC in connection with certain allegedly false and misleading statements made between February 2, 2014 and September 22, 2014.
Investors who purchased a significant amount of shares of Tesco PLC (ADR) (OTCMKTS:TSCDY) between February 2, 2014 and September 22, 2014, have certain options and for certain investors are short and strict deadlines running. Deadline: December 22, 2014. Tesco PLC investors should contact the Shareholders Foundation, Inc. at email@example.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Tesco PLC (ADR) (OTCMKTS:TSCDY) common shares between February 2, 2014 and September 22, 2014, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that Tesco PLC made false and/or misleading statements, as well as failed to disclose material adverse facts.
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 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.
Those who purchased shares of Tesco PLC (ADR) (OTCMKTS:TSCDY) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego