Tag Archives: Tesco

Investors File U.K. Financial Misrepresentation Claim Against Tesco

A group of 124 institutional investors have joined a claim filed in London’s high court on October 31, 2016 against Tesco seeking damages for the company’s alleged financial misrepresentations. The claim, which seeks over £100 million in alleged damages, was filed on the investors’ behalf by the Stewarts law firm, and is supported by Bentham … Continue Reading

Tesco Securities Suit: Applicability of U.S. Securities Laws to Unlisted ADRs?

It has been over five years since the U.S. Supreme Court’s June 2010 decision in Morrison v. National Australia Bank restricted the ability of shareholders of non-U.S. companies who purchased their shares outside the U.S. to file securities fraud lawsuit in U.S. courts under the U.S. securities laws. During that five year period, the lower … Continue Reading

Law Firm Organizes U.K. Lawsuit Against Tesco, Financed by Litigation Funding Firm

After U.K.-based Tesco PLC’s announcements of accounting “irregularities” and the subsequent departure of the company’s Board chair, investor lawsuits soon followed. But as discussed here, these lawsuits were filed in the United States, on behalf of investors who had purchased American Depositary Receipts in the United States. In light of the U.S. Supreme Court’s holding … Continue Reading

Tesco Accounting Scandal Draws Securities Class Action Lawsuit

When Tesco PLC announced on September 22, 2014 that its previously forecast first-half profit had been overstated by £250 ($408.8 million), the news of the accounting irregularities was “serious,” as Tesco plc’s CEO of less than a month’s standing at the time put it.  The company also announced that the overstatement, first flagged when an … Continue Reading
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