INVESTOR ALERT: Glancy Binkow & Goldberg LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit Against Tesco PLC

LOS ANGELES--(BUSINESS WIRE)--

Glancy Binkow & Goldberg LLP reminds investors of Tesco PLC (“Tesco” or the “Company”) TSCDY that purchasers of Tesco American Depositary Shares (“ADSs”) between January 9, 2014 and October 22, 2014, inclusive (the “Class Period”), have until December 22, 2014, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit filed in the United States District Court for the Southern District of New York.

Tesco operates as a grocery retailer through stores offering food, groceries, clothing and general merchandise. The Complaint alleges that defendants made false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations and prospects. Specifically, defendants misrepresented or failed to disclose that: (1) the Company improperly recognized revenue early and delayed accrual of costs; (2) as a result, the Company overstated is profit forecast for fiscal 2015; (3) the Company misrepresented its financial statements and guidance forecasts; and (4), as a result of the foregoing, defendants' statements about Tesco's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.

On October 23, 2014, the Company disclosed that an independent investigation by Deloitte had concluded that there was a gross overstatement of profit expectations, and that fraudulent revenue recognition and accounting practices to increase profits had occurred over several reporting periods. As a result of this news, Tesco shares fell $0.52 per share, to a closing price of $8.18 per share on October 23, 2014.

If you are a member of the Class described above, you may move the Court no later than December 22, 2014, to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, or Casey Sadler, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.

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