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Tesco shares / fraudulent reporting.

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  • #16
    Re: Tesco shares / fraudulent reporting.

    Buying shares is a gamble taking them to court with a CCJ claim is the same .

    Best to seek Legal advice or try for a Judgement on your own Good luck

    Comment


    • #17
      Re: Tesco shares / fraudulent reporting.

      Originally posted by Amethyst View Post
      As said before it is complex, but sounds like you could have a case considering the timings, BUT you would need formal legal advice on this. Slater & Gordon seem to be looking into it if you have a nosey on their website, but I think their fees might be quite bonkers in comparison to the amounts you are talking about unless they work on a CFA. Small claims track....you could feasibly do it yourself but it isn't something we have the experience of dealing with to be able to be much assistance to you.
      Thank you.
      I have (all too) much experience with small claims in the county court.
      Over the 40 years I've been a married adult I've had to use this route many times to recover debts from firms.
      I've had 95% success but always had the feeling that you're not 100% certain just what the District Judge would decide. Sometimes they take what I think is an illogical stance and that's what I want to avoid.
      From reading through the thread, especially the link to the RBS class action, I reckon I'll wait and see if a shareholder group might be formed.
      You've all helped me. Thank you.

      Comment


      • #18
        Re: Tesco shares / fraudulent reporting.

        My impatience has got the better of me. Probably not.
        Having just spent 35 minutes on the phone to the most evasive, devious person I've ever spoken to, I decided to issue a moneyclaim online.
        I phoned a manager in the financial accounting team at Tesco's Cheshunt HQ.
        For the sake of £185 outlay, it will be worth getting Tesco into court.
        Since it's the small claims track, I'll be liable for their attendance costs if I lose.
        Having watched their CEO on tv, admitting to accounting errors, I'm 95% confident I'll win.
        The Telegraph published this today:
        Tesco has declined to comment on its findings, apart from confirming the shortfall was £263m and that the practices at the heart of the scandal had been going on for longer than the last six months.
        The findings of the Deloitte investigation are now with the Financial Conduct Authority, the City regulator, which has pledged to launch a full investigation.
        A source close to the probe said Tesco had booked supplier contributions that were conditional on hitting sales targets that it was not going to reach.


        Seems to me to be a damning admission.
        Last edited by Amethyst; 29th October 2014, 11:37:AM.

        Comment


        • #19
          Re: Tesco shares / fraudulent reporting.

          What have you put as your particulars ? and who are you claiming against ?


          http://www.out-law.com/page-8207 might be of interest
          #staysafestayhome

          Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

          Received a Court Claim? Read >>>>> First Steps

          Comment


          • #20
            Re: Tesco shares / fraudulent reporting.

            On 7 April 2014 I bought 3080 shares in Tesco
            plc costing £9988.11 having studied Tesco's
            published accounting reports. On 7 October
            2014 I watched Dave Lewis, the new Tesco CEO
            state that there was a shortfall in profits
            of £263m and that the practices at the heart
            of the scandal had been going on for longer
            than the last six months. He said Tesco had
            booked supplier contributions that were
            conditional on hitting sales targets that it
            was not going to reach. If Tesco had
            published a truthful account of their profits
            I would not have bought their shares.
            The trading price at today's valuation means
            I have lost the amount claimed, due to fraud,
            incompetence or accounting errors by Tesco. I
            was sold the shares by Halifax Sharedealing
            Ltd.
            The claimant claims interest under section 69
            of the County Courts Act 1984 at the rate of
            8% a year from 07/03/2014 to 29/10/2014 on
            £4,820.13 and also interest at the same rate
            up to the date of judgment or earlier payment
            at a daily rate of £1.06.

            Comment


            • #21
              Re: Tesco shares / fraudulent reporting.

              Tesco and Halifax Sharedealing are to be joint defendants.

              Comment


              • #22
                Re: Tesco shares / fraudulent reporting.

                Very briefly

                The claimant claims interest under section 69
                of the County Courts Act 1984 at the rate of
                8% a year from 07/03/2014 to 29/10/2014 on
                £4,820.13 and also interest at the same rate
                up to the date of judgment or earlier payment
                at a daily rate of £1.06.


                Think you have a typo in there date wise.
                #staysafestayhome

                Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                Received a Court Claim? Read >>>>> First Steps

                Comment


                • #23
                  Re: Tesco shares / fraudulent reporting.

                  I noticed that it added 1 month. There is an automatic bit of code that submits the final paragraph. For whatever reason, it wouldn't let me change it.

                  Comment


                  • #24
                    Re: Tesco shares / fraudulent reporting.

                    Weird. So they've set up Moneyclaim so it automatically completes that section ? bit worrying in my view but that's probably for another thread.

                    I'm sure you know I'm not entirely convinced this is a great idea, but understand you feel it is worth the risk and worth a bit of a shot in the dark. I do fear it would be bumped to fast track due to the complexity and if that is the case you would NEED to get decent formal legal advice. I'd guess it would be a claim of misrepresentation.

                    http://webcache.googleusercontent.co...ient=firefox-a

                    (had to link to cache as page is hidden - have attached it as well)
                    Attached Files
                    #staysafestayhome

                    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                    Received a Court Claim? Read >>>>> First Steps

                    Comment


                    • #25
                      Re: Tesco shares / fraudulent reporting.

                      Bit of Breaking news for you. Nothing confirmed though SFO did say last month they were considering it.


                      TESCO Via Twitter Sky News Newsdesk

                      tweets: "Sky Sources: the Serious Fraud Office is to launch an investigation into #Tesco"


                      Sky Sources: Fraud Office To Investigate Tesco


                      29th October 2014, 11:59


                      The Serious Fraud Office is to investigate Tesco over its profits scandal, Sky News has learned.
                      #staysafestayhome

                      Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                      Received a Court Claim? Read >>>>> First Steps

                      Comment


                      • #26
                        Re: Tesco shares / fraudulent reporting.

                        Thank you.
                        I'll read the links you posted and come back.
                        From the conversation I had this morning, with the Tesco accounts manager, the place is in crisis. Utter chaos."People are losing their jobs and you want money" was his parting shot.
                        I have not claimed against an individual director, since I do not know the internal picture. Tesco are vicariously liable for the data they publish.
                        In the light of my total shareholding, this Tesco loss represents 5% so I'm able to pursue them without necessarily worrying about the cost.
                        If they try to push to another track, I could decide to stay the claim (ask for it to be stayed).

                        Comment


                        • #27
                          Re: Tesco shares / fraudulent reporting.

                          Originally posted by Amethyst View Post
                          Bit of Breaking news for you. Nothing confirmed though SFO did say last month they were considering it.[B]


                          TESCO Via Twitter Sky News Newsdesk

                          tweets: "Sky Sources: the Serious Fraud Office is to launch an investigation into #Tesco"
                          Hmm. Investigate or cover-up?
                          Who has been prosecuted for HBOS, RBS, Barclays et al? Libor, PPI.....

                          Comment


                          • #28
                            Re: Tesco shares / fraudulent reporting.

                            That's good to hear, you're probably in the best position to do this then.
                            #staysafestayhome

                            Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                            Received a Court Claim? Read >>>>> First Steps

                            Comment


                            • #29
                              Re: Tesco shares / fraudulent reporting.

                              I know nothing on this area of law, but i am interested by your post so i hope you don't mind me asking some questions.

                              I assume that you have not sold your shares yet, so you claim is that the initial price was over inflated by their results rather than the price today; I ask because if you have not sold them then you have not "realised the loss" rather this is the loss if you had sold them today?

                              If you take them to court and win, and keep the shares when in the future you do come to sell them, if they sell for more than you brought them for would you refund any settlement that you may recive?

                              Comment


                              • #30
                                Re: Tesco shares / fraudulent reporting.

                                Originally posted by ssparks2003 View Post
                                I know nothing on this area of law, but i am interested by your post so i hope you don't mind me asking some questions.

                                I assume that you have not sold your shares yet, so you claim is that the initial price was over inflated by their results rather than the price today; I ask because if you have not sold them then you have not "realised the loss" rather this is the loss if you had sold them today?

                                If you take them to court and win, and keep the shares when in the future you do come to sell them, if they sell for more than you brought them for would you refund any settlement that you may recive?
                                Thank you for your response.

                                To sell the shares today would crystallise the loss. If I now know the true picture, today's share price reflects people's judgment as to their likely future value. The price of shares can go down or up. As long as the company's published data is truthful, honest and not misleading, people take that risk in good faith.
                                It is semantics to say that keeping something valued at a price today will be worth more or less tomorrow. Any loss or gain is that sustained by the owner at a point in time. You might buy a car, falsely described as being OK and pay £10k for it. If you then find it's unfit and only worth £6k your loss is £4k. If the seller tells you it may be an appreciating classic and worth £50k in 30 years, what would you tell him?
                                Your second question is very similar to your first, so I won't repeat my answer. I value the shares at today's prices. Any future gain or loss will be mine. The real issue is the value of something misrepresented versus something lawfully described.

                                Comment

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