UK’s biggest retailer was sued after overstating 2014 first-half profit by £263m, causing a hit to stock prices when the error came to light Tesco has agreed to pay $12m to settle a US shareholder lawsuit claiming that accounting irregularities inflated the share price of Britain’s largest retailer.
The all-cash settlement was disclosed in filings on Wednesday in Manhattan and requires court approval. Related: Tesco faces US lawsuit over profit overstatement Continue reading...
Source: theguardian.com