tesco shareholders sue over profits overstatement
Last Updated : GMT 04:32:38
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.

arabstoday
arabstoday

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*

tesco shareholders sue over profits overstatement tesco shareholders sue over profits overstatement

 



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*

tesco shareholders sue over profits overstatement tesco shareholders sue over profits overstatement

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Ayten Amer happy for “The Flood” success

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:21 2017 Tuesday ,14 November

Nelly Karim focuses on humanitarian roles

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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