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Tesco Settles U.S. Shareholder Action Over Accounting Scandal

November 25, 2015: 12:00 AM EST
UK retailer Tesco PLC agreed to pay $12 million in order to settle a shareholder lawsuit in the United States. Claiming that accounting irregularities inflated its share price, the plaintiff sued after Tesco revealed in September 2014 that it exaggerated first-half profit by £250 million. Tesco’s American depositary shares fell 15 percent the next trading day.
Jonathan Stempel, "UPDATE 1-Tesco in $12 mln U.S. settlement over accounting scandal", Reuters, November 25, 2015, © Thomson Reuters
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