Tesco Backs Profit Estimates In US Shareholders' Suit
Law360, London (October 1, 2019, 6:40 PM BST) -- Tesco told a London judge Tuesday that it didn't mislead shareholders when it overstated profits just before a false accounting scandal that ravaged the supermarket chain's stock price, saying its estimate was not that far off.
Tesco PLC urged High Court Judge Robert Hildyard to allow the company to withdraw legal admissions made in shareholders' lawsuits, arguing the company inadvertently admitted that it was misleading to overstate its profits in an August 2014 disclosure.
At the time, the company said it overstated its profits by £263 million for the six months to August 2014. However Tesco claimed on Tuesday that accountants have since...
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