Key Developments: Tesco PLC (TSCO.L)

TSCO.L on London Stock Exchange

13 Oct 2015
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Latest Key Developments (Source: Significant Developments)

Tesco PLC in deferred prosecution talks with fraud office - Sky News - Reuters
Tuesday, 6 Oct 2015 08:00pm EDT 

Tesco PLC:Tesco TSCO.L has held talks with the Serious Fraud Office (SFO) over a deal to settle a criminal investigation into its accounting errors, Sky News reported on Tuesday - Reuters.The SFO opened a formal criminal investigation into errors at Tesco almost a year ago, after the firm admitted overstating its profits by 263 million pounds ($400 million), a revelation that hammered the reputation of the country's biggest grocer - Reuters.Sky News said Tesco had been in discussions with the SFO about the possibility of signing a deferred prosecution agreement (DPA) - a court-approved deal under which the company admits wrongdoing but avoids any immediate criminal sanctions - Reuters."We have said before that we are not commenting on DPAs and the investigation into Tesco is still ongoing," a spokesman for the SFO told Reuters, referring to the Sky News report - Reuters.Under a DPA, a prosecutor charges a company with a criminal offence but proceedings are automatically suspended and the company agrees to a number of conditions, such as paying a penalty and compensation. If the company does not honour the conditions, the prosecution may resume - Reuters.  Full Article

Tesco PLC recalls Branflakes - Datamonitor Food Wire
Tuesday, 22 Sep 2015 08:00pm EDT 

Tesco PLC:The UK's Food and Standards Agency, or FSA, has announced that Tesco plc is recalling its Branflakes because some packs may contain small pieces of plastic due a production fault - Datamonitor Food Wire.  Full Article

Tesco PLC worst big supermarket for treating suppliers fairly - The Independent
Monday, 22 Jun 2015 08:00pm EDT 

Tesco PLC:Says Tesco is the worst performing of the big four supermarkets when it comes to treating its suppliers fairly and within industry guidelines, according to the regulator - The Independent.Says the Groceries Code Adjudicator found that 30 pct of suppliers to the supermarket believe it rarely complied with watchdog’s code of practice, with 4 pct saying it never followed the rules.  Full Article

Tesco plc announces appointment of Chairman
Tuesday, 17 Feb 2015 12:25pm EST 

Tesco plc:Following Richard Broadbent's decision to step down as Chairman, Tesco announces that John Allan will join the Board and be appointed Chairman on March 01.Richard Broadbent will step down from the Board on the same date.  Full Article

Tesco PLC says UK store closures put 2,000 jobs at risk - Reuters
Wednesday, 28 Jan 2015 08:28am EST 

Tesco PLC:Up to 2,000 people could lose their jobs when the group closes the 43 unprofitable stores it plans to shut - Reuters.They consist of 18 Express stores, 12 Metro stores, seven superstores and six Homeplus stores.Tesco is consulting affected staff and it said wherever possible it would offer alternative roles.Plans to close the stores on Jan. 8 as part of new boss Dave Lewis' plan to fight back from years of market share losses and an accounting scandal.  Full Article

Tesco PLC not to pay final dividend
Thursday, 8 Jan 2015 02:00am EST 

Tesco PLC:Announced its decision not to pay a final dividend for 2014/15.  Full Article

Tesco PLC maintains FY 2015 profit guidance
Thursday, 8 Jan 2015 02:00am EST 

Tesco PLC:Says that group trading profit guidance of no more than 1.4 billion pounds for FY 2015 is maintained.  Full Article

Bernstein Litowitz Berger & Grossmann LLP files class action suit against Tesco PLC and certain of its officers and directors
Wednesday, 10 Dec 2014 06:45pm EST 

Bernstein Litowitz Berger & Grossmann LLP:Files a securities class action lawsuit on behalf of the Chester County Employees Retirement Fund against Tesco PLC as well as certain of the company's officers and directors.Action asserts claims under the Securities Exchange Act of 1934 on behalf of investors in Tesco American Depositary Receipts during the period of April 17, 2013 through Oct. 22.Complaint expands the class period that was asserted in a related action against Tesco, captioned Irving Firemen's Relief and Retirement Fund v. Tesco PLC, No. 14-cv-8495-RMB (S.D.N.Y.) which is the first-filed securities class action in this matter and is presently pending.Complaint alleges that beginning on April 17, 2013 and throughout the Class Period, Tesco and certain of its senior executives violated provisions of the Exchange Act by disseminating false and misleading press releases, financial statements, and statements during investor conference calls.As alleged, throughout the Class Period, Tesco and certain of its senior executives misrepresented Tesco's financial results and operations by, among other things, improperly recognizing commercial income and delaying the accrual of costs under company's arrangements with U.K. suppliers.  Full Article

Tesco PLC gives FY 2015 profit guidance
Tuesday, 9 Dec 2014 02:01am EST 

Tesco PLC:Says that profit for FY 2015 will not exceed 1.4 billion pounds.  Full Article

Rigrodsky & Long, P.A. files securities fraud class action lawsuit against Tesco PLC
Monday, 3 Nov 2014 11:31am EST 

Rigrodsky & Long, P.A:Says a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased American Depositary Receipts of Tesco PLC between Feb. 2 and Sept. 22.According to the Complaint, on Sept. 22 Tesco issued a press release announcing that during its final preparations "it [had] identified an overstatement of its expected profit for the half year, principally due to the accelerated recognition of commercial income and delayed accrual of costs.Further, "the Board believes that the guidance issued on Aug. 29 for the Group profits for the six months to Aug. 23 was overstated by an estimated 250 mln pounds" (about $402 mln).  Full Article

BRIEF-Tesco Kipa Q2 net loss widens to 77.6 million lira

* Reported on Monday Q2 revenue of 619.4 million lira ($211.04 million) versus 616.8 million lira year ago

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