LOS ANGELES -- (Business Wire)
Glancy
Binkow & Goldberg LLP announces thata class action
lawsuit has been filed in the United States District Court for the
Southern District of New York on behalf of a class (the “Class”)
comprising purchasers of the securities of Tesco PLC (“Tesco” or the
“Company”) (OTC:TSCDY) between February 2, 2014 and September 22, 2014,
inclusive (the “Class Period”). Investors who purchased Tesco securities
during the Class Period and wish to serve as a lead plaintiff in the
class action must move the Court no later than December 22, 2014.
Please contact Lesley
Portnoy, at (888) 773-9224 or (310) 201-9150, or at shareholders@glancylaw.com
to discuss this matter. If you inquire by email please include your
mailing address, telephone number and number of shares purchased.
The securities class action alleges 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 ($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 nearly 15%, from
$11.29 per share on September 19, 2014 to $9.61 per share on September
22, 2014.
To date, at least eight Tesco executives have been suspended due to the
allegedly fraudulent activities occurring at the Company, and the
Chairman of the Board has resigned, after an independent audit conducted
by Deloitte consultants determined that executives at the Company,
“deliberately misled its auditors and accountants to flatter its
financial results.”
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts:
Glancy Binkow & Goldberg LLP, Los Angeles, CA
Lesley Portnoy or
Casey Sadler
310-201-9150
888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
Source: Glancy Binkow & Goldberg LLP
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