24th Mar 2015 10:52
LONDON (Alliance News) - Tesco PLC is facing potential legal action from a group of institutional shareholders in the UK following the accounting scandal last year at the supermarket which resulted in it overestimating its profit guidance, the BBC reported Tuesday.
US-based law firm Scott & Scott claimed Tesco's overstatement of profit last year caused a "permanent destruction of value to shareholders". The firm has already filed a class action suit against Tesco in the US which accuses the company of misleading investors.
The firm told the BBC it is now in "active discussions" with institutions in the UK and Europe about filing a claim.
Tesco declined to comment to the BBC on the potential action.
http://www.bbc.co.uk/news/business-32026738
By Sam Unsted; [email protected]; @SamUAtAlliance
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