NEW ORLEANS, Sept. 29, 2014 /PRNewswire/ -- Former
Attorney General of Louisiana,
Charles C. Foti, Jr., Esq., a
partner at the law firm of Kahn Swick & Foti, LLC ("KSF"),
announces that KSF has commenced an investigation into Tesco PLC
("Tesco" or the "Company") (OTC: TSCDY).
Tesco, together with its subsidiaries, operates as a grocery
retailer. The Company also provides retail banking, financial, and
insurance services. KSF's investigation is focused on Tesco's
September 22, 2014 disclosure that
the Company is investigating the overstatement of its profit
forecast for 2015 by approximately $408.8
million. According to the Company, its most recent profit
forecast for fiscal 2015 was overestimated as a result of an
accounting error related to revenue that was booked early and by
delayed recognition of costs.
Following these disclosures, Tesco's stock dropped as much as
14%, or $1.68 per share, in intraday
trading on September 22, 2014.
KSF's investigation is focusing on whether Tesco and/or its
officers and directors violated state or federal securities
laws.
If you suffered losses related to your investment in Tesco PLC
or have information that would assist KSF in its investigation, you
may, without obligation or cost to you, call toll-free at
1-877-515-1850 or email KSF Managing Partner Lewis Kahn
(lewis.kahn@ksfcounsel.com).
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney
General Charles C. Foti, Jr., is a
law firm focused on securities class action and shareholder
derivative litigation with offices in New
York, California and
Louisiana. KSF's lawyers have
significant experience litigating complex securities class actions
nationwide on behalf of both institutional and individual
shareholders.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
206 Covington St.
Madisonville, LA 70447
SOURCE Kahn Swick & Foti, LLC