Tesco PLC is a British multinational groceries and general merchandise retailer.
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 250m pounds ($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. The Court granted preliminary approval of the Settlement on December 23.
On September 26, 2016, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.