Funds Seek GBP100 Million in Damages From Tesco
31 Oktober 2016 - 5:59PM
Dow Jones News
By Razak Musah Baba
LONDON--More than 125 funds who hold shares in Tesco PLC (TSCDY)
are seeking 100 million pounds ($122 million) in damages from the
company after it reported an over-statement of earnings.
Bentham Europe, part of a litigation finance group, said Monday
in a statement that the legal action would seek to prove that Tesco
made statements to the stock market that omitted information
crucial for investors.
The company wasn't immediately able to comment.
In October 2014, the U.K.'s biggest supermarket chain announced
it had previously over-stated its profits by GBP263 million. That
led to a 92% drop in interim profits, which cut a further GBP1
billion from Tesco's market capitalization, Bentham said. An
initial disclosure in September wiped GBP2 billion off the
company's value.
Tesco shares at 1420 GMT traded down 5 pence, or 2.5%, at 210
pence, valuing the company at GBP17.20 billion.
Bentham is funding and managing the litigation, with Stewarts
Law leading the case on behalf of institutional shareholders.
Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
(END) Dow Jones Newswires
October 31, 2016 12:44 ET (16:44 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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