Arab Today, arab today tesco shareholders sue over profits overstatement
Last Updated : GMT 21:55:53
Arab Today, arab today
Arab Today, arab today

Tesco shareholders sue over profits overstatement

Arab Today, arab today

Arab Today, arab today Tesco shareholders sue over profits overstatement

Tesco shareholders are to sue the British supermarket
London - AFP

Tesco shareholders are to sue the British supermarket giant for compensation after the revelation of profit overstatements sent its stock tumbling, a London law firm said on Tuesday.
Litigation firm Stewarts Law said directors and senior management "knew or were reckless" about the overstatement of profits.
Tesco revealed in October that it had overstated profits by £263 million ($413 million, 331 million euros), sparking a Serious Fraud Office (SFO) investigation.
"We expect to issue proceedings against Tesco in the High Court in London within six months," said Sean Upson, a partner at Stewarts Law.
"We do not intend to wait for the outcome of the SFO investigation which may take some years."
Tesco did not immediately respond for a request for comment.
Tesco shares dropped 15.5 percent by close of trading on September 22, the day that the company first announced there had been a profit overstatement.
Britain's number one supermarket and one of the world's top three, Tesco has faced a series of troubles and its sales have been eroded by stiff competition from discounters.
Its chairman, Richard Broadbent, resigned in the wake of the profit scandal, which also led to the suspension of a string of senior executives.
US investor Warren Buffett's Berkshire Hathaway since reduced its share in Tesco to under three percent from about five percent.
Buffett said his investment in the company had been a "huge mistake".
Tesco shares fell again on Tuesday after Stewarts Law announced its claim, and were down 2.71 percent at the close of trade at 188.15 pence.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today tesco shareholders sue over profits overstatement Arab Today, arab today tesco shareholders sue over profits overstatement

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Leader Omar Abdel Rahman dies in US prison

GMT 19:00 2017 Sunday ,19 February

Leader Omar Abdel Rahman dies in US prison
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday