NEW YORK, Oct.1, 2014 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the American Depositary Receipts ("ADRs") of Tesco PLC ("Tesco" or the "Company") (OTC: TSCDY -News). Such investors are advised to contact Peretz Bronstein or his investor relations coordinator Eitan Kimelman at info@bgandg.com or 212-697-6484.
The investigation focuses on whether the Company and certain of its executives violated federal securities laws.
On September 22, 2014, Tesco disclosed that it is investigating the overstatement of its profit forecast for 2015 by approximately $408.8 million. According to the Company, the overstatement of its 2015 forecast was due to the early booking of revenue and delayed recognition of costs. The Company's chief executive officer told analysts and investors during a conference call that an "informed employee" voiced concerns to the Company's general counsel about the accounting issue, and that a "a number of people," including four senior executives, have been suspended pending the conclusion of the Company's investigation.
On this news, shares of Tesco fell $1.68 or 14% during intraday trading to trade at $9.61 on September 22, 2014.
If you are aware of any facts relating to this investigation, or purchased Tesco ADRs, you can assist this investigation by contacting Peretz Bronstein or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
info@bgandg.com
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