Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Tesco shareholders preparing to sue over profits scandal

Tesco shareholders are poised to sue the supermarket over losses suffered as a result of the recent profit overstatements that totalled £263m and wiped more than £2bn from its share price.

Stewarts Law, a UK law firm which has fought a number of cases against UK banks, is recruiting shareholders to join a proposed legal action against Tesco, reported the Financial Times.

The firm said it wants to act for current and former shareholders who acquired at least 10,000 Tesco shares during the period from April 2013 to October 2014 and who still held the shares before the three statements made by Tesco between August and October. It expects to issue proceedings in the High Court in the next six months.

The proposed claim would seek to establish that shareholders are entitled to compensation for losses under the Financial Services & Markets Act 2000.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.