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.