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If you purchased American Depositary Shares (ADS) of Tesco PLC (OTC: TSCDY), you might have certain options and should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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The Settlement includes all persons who purchased or otherwise acquired Tesco American Depository Receipts (ADR) (TSCDY) or Tesco F shares (TSCDF) between April 18, 2012 and September 22, 2014.
December 30, 2015 - The court preliminarily approved the settlement.
November 25, 2015 - Parties filed a stipulation of settlement.
August 17, 2015 - Defendants filed a motion to dismiss.
June 18, 2015 - The lead plaintiff filed a second amended consolidated complaint.
May 6, 2015 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased American Depositary Shares (ADS) of Tesco PLC (OTC: TSCDY) between April 18, 2012 and September 22, 2014. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between April 18, 2012 and September 22, 2014.
March 19, 2015 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.
December 22, 2014 - Lead plaintiff motions were filed.
October 23, 2014 - An investor in American Depositary Shares (ADS) of Tesco PLC (OTC: 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.
According to the complaint the plaintiff alleges on behalf of purchasers of Tesco PLC (ADS) (OTC: 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 Income 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 (ADS) (OTC: TSCDY) declined from $14.97 per share in July 2014 to as low as $9.38 per share on September 23, 2014.