NEW YORK, Oct. 15, 2014 /PRNewswire/ -- Faruqi &
Faruqi, LLP, a leading national securities law firm, is
investigating potential securities fraud at Tesco PLC ("Tesco" or
the "Company")
(OTC:TSCDY).
The investigation focuses on whether the Company and its
executives violated federal securities laws by making false and
misleading statements and/or failing to disclose material facts
regarding its business and operations.
On September 22, 2014, Tesco
issued a press release disclosing that the Company is investigating
the overstatement of its profit forecast for 2015 by approximately
$408.8 million. The press
release issued by the Company acknowledged that its most recent
profit forecast was overestimated as a result of an accounting
error related to revenue that was booked early and delayed
recognition of costs. The Company also disclosed that at
least four senior executives have been suspended pending the
conclusion of the Company's investigation.
When the adverse information from the September 22, 2014 press release entered the
market, Tesco's stock price 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 stock or options prior to 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.
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.
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
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