Tesco shares / fraudulent reporting.

[ssparks2003]

Re: Tesco shares / fraudulent reporting.

Thank you Sean, you have cleared it up for me; I was trying to work out the basis of the claim and in this case its misrep at the time of purchase rather than drop in price for subsequent errors.

Best of luck with your claim; you could be opening the floodgates with this one.

[sean5302]

Re: Tesco shares / fraudulent reporting.

Thank you Sean, you have cleared it up for me; I was trying to work out the basis of the claim and in this case its misrep at the time of purchase rather than drop in price for subsequent errors.

Best of luck with your claim; you could be opening the floodgates with this one.

Thank you.
Something tells me that, if I'm successful, Tesco will get me to sign a Tomlin Order preventing disclosure.

[Amethyst]

Re: Tesco shares / fraudulent reporting.

They can try

[sean5302]

Re: Tesco shares / fraudulent reporting.

He he.
Depends what they offer me.
They seem open to a bit of corruption. Every little helps.

[des8]

Re: Tesco shares / fraudulent reporting.

Surely for your claim to succeed you will have to prove fraud?
Currently they are only under investigation.
I suspect you're moving too early.

[stevemLS]

Re: Tesco shares / fraudulent reporting.

I think you are right in that a DJ will not adjudicate on this on the small claims track.

I also think it is likely to be stayed pending the outcome of the criminal investigation.

[sean5302]

Re: Tesco shares / fraudulent reporting.

Surely for your claim to succeed you will have to prove fraud?
Currently they are only under investigation.
I suspect you're moving too early.

Thank you for your help.

I haven't specified fraud.
My claim is more along the lines that I was deceived into paying over the odds for what Tesco has already admitted to.
They overstated profits by £265m
Not a small sum and 13% more than they actually made. This had inflated the share price and almost certainly raised bonuses.
It is likely that their banking covenants are related to their share price and hence market capitalisation. To induce people to pay inflated prices suggests deliberate manipulation, fraud or incompetence. I don't mind which, as long as they return my over payment.
The fact that Deloitte has spent many weeks investigating and then handed the file over to the Serious FRAUD Office tends to suggest I'm on the right lines, don't you think? The key is in the middle word.

[sean5302]

Re: Tesco shares / fraudulent reporting.

I think you are right in that a DJ will not adjudicate on this on the small claims track.

I also think it is likely to be stayed pending the outcome of the criminal investigation.

Which means I paid £189 which will sit in the Justice coffers until heard. It also means I can claim interest on the full amount claimed at the rate of 8% pa.
AIUI, the main difference between the small claims track and the fast track is in terms of the costs the loser of the case pays. The former limited by CPR to travel only and the latter to travel and legal preparation costs only.
Am I right?

[wales01man]

Re: Tesco shares / fraudulent reporting.

I would hope you win but I would expect Tesco to fight this fearing it will open the floodgates or try for a settlement with a confidentiality clause.
This will have if you win and its publicised serious ramifications for the whole share buying industry .

Again I will be hoping you win please keep us informed this is a very interesting case

[sean5302]

Re: Tesco shares / fraudulent reporting.

I would hope you win but I would expect Tesco to fight this fearing it will open the floodgates or try for a settlement with a confidentiality clause.
This will have if you win and its publicised serious ramifications for the whole share buying industry .

Again I will be hoping you win please keep us informed this is a very interesting case

Thank you.
I'll keep updating the thread as matters develop.
I expect Tesco and Halifax Sharedealing to receive their packs through snail mail by the end of next week.
Then 14 days to acknowledge service
Then 14 days to submit a defence
2 months to submit a directions questionnaire
2 months to get a hearing at my local court.

Realistically then, likely Easter next year.

[wales01man]

Re: Tesco shares / fraudulent reporting.

Nice Easter egg to get

[des8]

Re: Tesco shares / fraudulent reporting.

Post 37 " I haven't specified fraud"
Post 20, (if that is your Poc) states: "I have lost the amount claimed, due to fraud,
incompetence or accounting errors by Tesco".

I think you might be right, but just a tad early with your claim

Post 38 Re costs CPR 45 .37 costs awarded can include advocates preparation and appearance up to £690

[sean5302]

Re: Tesco shares / fraudulent reporting.

Thank you.
Do you remember years ago when Littlewoods and Argos were fined umpteen millions by the FSA or Competition Commission?
They had colluded to fix prices in their catalogues so as not to compete with each other.
The result took several years and what was published bore no relation to the (much larger) amount they had been fined.
I am in a position now where I have very large financial resources. There comes a time in life where a person resents having his leg lifted.
It may well be that the SFO inquiry result would help mine. It may not.
I'm all for helping myself, with a little / lot of help from folks here.

[righty]

Re: Tesco shares / fraudulent reporting.

The directors can personly be held liable to the shareholders if they fiddled the figures

[concernedperson]

Re: Tesco shares / fraudulent reporting.

What would you say if Tesco offered to buy your shares back for the £10000 you paid?