SOURCE: Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP

November 01, 2014 09:30 ET

INVESTOR ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in Tesco PLC (TSCDY) to Contact the Firm

NEW YORK, NY--(Marketwired - November 01, 2014) - 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.

Request more information now by clicking here: www.faruqilaw.com/ TSCDY. There is no cost or obligation to you.

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.

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

Contact Information

  • FARUQI & FARUQI, LLP
    369 Lexington Avenue, 10th Floor
    New York, NY 10017
    Attn: Richard Gonnello, Esq.
    rgonnello@faruqilaw.com
    Telephone: (877) 247-4292 or (212) 983-9330