NEW YORK, Nov. 21, 2014 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Tesco PLC ("Tesco" or the "Company") (OTC:TSCDY) of the December 23, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Tesco and certain executives.
A complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased or otherwise acquired Tesco American Depositary Shares ("ADRs") between February 2, 2014 and September 22, 2014 (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, Tesco made false and misleading statements concerning its profit forecast for 2015 in connection with income recognition and cost accruals.
On September 22, 2014, Tesco disclosed that it had overstated expected profit for the half year due to improper accelerated recognition of income and delayed accrual of costs. The Company also disclosed that at least four senior executives have been suspended pending the conclusion of the Company's investigation.
Following this news, the price of Tesco's stock dropped $1.68 per share, or nearly 15%, to close at $9.61 per share on September 22, 2014.
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Take Action
If you invested in Tesco ADRs or options between February 2, 2014 and September 22, 2014, and would like to discuss your legal rights, visit www.faruqilaw.com/TSCDY. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Tesco's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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