NEW YORK, Oct. 31, 2014 /PRNewswire/ -- Pomerantz LLP has
filed a class action lawsuit against Tesco PLC ("Tesco" or the
"Company")(NYSE: TSCDY) and certain of its officers.
The class action, filed in United States District Court, Southern
District of New York, and docketed
under 14-cv-8696, is on behalf of a class consisting of all persons
or entities who purchased Tesco securities between February 2, 2014 and September 22, 2014, inclusive (the "Class
Period"). This class action seeks to recover damages against
Defendants for alleged violations of the federal securities laws
under the Securities Exchange Act of 1934 (the "Exchange
Act").
If you are a shareholder who purchased Tesco securities during
the Class Period, you have until December
22, 2014 to ask the Court to appoint you as Lead Plaintiff
for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact
Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, x237. Those who inquire by e-mail are encouraged to include
their mailing address, telephone number, and number of shares
purchased.
Tesco is a multinational grocery and general merchandise
retailer headquartered in Cheshunt, Hertfordshire, England, United Kingdom
("UK").
The Complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements and failed to
disclose material adverse facts about the Company's business,
operations, and prospects. Specifically, Defendants made false
and/or misleading statements and/or failed to disclose the truth
regarding the Company's financial condition.
Specifically, on September 22,
2014, Tesco surprised the market when it announced that it
had overstated its expected profit for the half year because it had
improperly accelerated recognition of income and delayed accrual of
certain costs. The Company further stated that profits were
overstated by approximately £250m ($402
million) or 23%. The Company also announced that it
had suspended the managing director of its UK business along with
its UK director and two food directors.
On this news, Tesco ADRs plummeted 15% from $11.29 on September 19,
2014, and declined to $9.61
per share on September 22, 2014 on
exceedingly high trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San
Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 70 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com.
CONTACT:
Robert S.
Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
SOURCE Pomerantz LLP