Connect with us

Hi, what are you looking for?

Jewish Business News

Business

Tesco agrees $12 million payout to US shareholders over accounting scandal

UK’s biggest retailer was sued after overstating 2014 first-half profit by £263 million, causing a hit to stock prices when the error came to light.

Tesco

Tesco, the UK’s largest supermarket group, will pay $12 million (£8 million) to settle legal action by US shareholders which claimed that accounting irregularities inflated the supermarket’s share price.

Tesco denied wrongdoing in agreeing to settle, court papers show.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.

Tesco was sued after revealing in September 2014 that it had overstated first-half profit by £250 million ($378 million) because it incorrectly booked payments from suppliers.

That led to the price of Tesco’s American depositary shares falling 15% on the next trading day. Tesco later raised the estimated overstatement to £263 million pounds.

Read the full story at The Guardian

Newsletter



Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.