Tesco PLC : American Depositary Shares Securities Litigation
On or around 01/20/2016 (Date of last review)
Filing Date: October 23, 2014
According to the law firm press release, the securities class action charges 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 [Pounds]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 significantly, from $11.29 per share on September 19, 2014 to $9.61 per share on September 22, 2014.
On November 19, 2015, the parties entered into a Stipulation of Settlement.
Company & Securities Information
Defendant: Tesco PLC
Industry: Retail (Grocery)
Headquarters: United Kingdom
Ticker Symbol: TSCDY
Company Market: OTC-BB
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Irving Firemen's Relief and Retirement Fund, et al. v. Tesco PLC, et al.