TESCO INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Investigates Tesco PLC Following Announcement of $400 Million Overstatement of Profit Forecast & Accounting Errors

NEW ORLEANS, Sept. 29, 2014 /PRNewswire/ -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into Tesco PLC ("Tesco" or the "Company") (OTC: TSCDY).

Tesco, together with its subsidiaries, operates as a grocery retailer. The Company also provides retail banking, financial, and insurance services. KSF's investigation is focused on Tesco's September 22, 2014 disclosure that the Company is investigating the overstatement of its profit forecast for 2015 by approximately $408.8 million. According to the Company, its most recent profit forecast for fiscal 2015 was overestimated as a result of an accounting error related to revenue that was booked early and by delayed recognition of costs.

Following these disclosures, Tesco's stock dropped as much as 14%, or $1.68 per share, in intraday trading on September 22, 2014.

KSF's investigation is focusing on whether Tesco and/or its officers and directors violated state or federal securities laws. 

If you suffered losses related to your investment in Tesco PLC or have information that would assist KSF in its investigation, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]).

About Kahn Swick & Foti, LLC

KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York, California and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders.

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLCLewis Kahn, Managing Partner
[email protected]
1-877-515-1850
206 Covington St.
Madisonville, LA 70447

SOURCE Kahn Swick & Foti, LLC