ENSALEM, PA. — Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of 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”).
Tesco operates as a grocery retailer through stores offering food, groceries, clothing and general merchandise. The complaint alleges that Tesco made false and/or misleading statements and failed to disclose material adverse facts about the Company’s operations and financial performance. Specifically, on September 22, 2014, Tesco 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. 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.
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