Tesco shares / fraudulent reporting.

[wales01man]

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

[Amethyst]

Re: Tesco shares / fraudulent reporting.

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.

[sean5302]

Re: Tesco shares / fraudulent reporting.

And when was their overstatement made?

Dave Lewis, the new ex_Unilever CEO, said yesterday that the "accounting errors" seem to have been made for several years.
I referred to the 2013 annual accounts, which are now clearly false. They declare profits not realised.

[Amethyst]

Re: Tesco shares / fraudulent reporting.

And when was their overstatement made?

[sean5302]

Re: Tesco shares / fraudulent reporting.

When did you buy them? Dec 2013?

April 2014

TSCO

LSE

3080

324.614

168.75***

-155.86

9,998.11

5,197.50

-4,800.61

-48.02

[Amethyst]

Re: Tesco shares / fraudulent reporting.

When did you buy them? Dec 2013?

[sean5302]

Re: Tesco shares / fraudulent reporting.

Out of interest, how do you calculate you've lost £5000 since buying the shares? This might be critical to your argument, depending on what you took them to court for.

I paid £10,000 for the shares, which I could have sold yesterday for just under £5,000.
The share price is now £1.69 compared to the £3.24 I paid.

[sean5302]

Re: Tesco shares / fraudulent reporting.

I paid £10,000 for the shares, which I could have sold yesterday for just under £5,000.
The share price is now £1.69 compared to the £3.24 I paid.

[CYNthesys]

Re: Tesco shares / fraudulent reporting.

On a different note, my DIL works for Tesco as a supervisor.
I understand that part of her bonus for meeting targets is rewarded in the way of free shares. Would be interested to know if this current situation would affect her, given that the shares appear to form part and parcel of her salary

[mystery1]

Re: Tesco shares / fraudulent reporting.

http://www.ibtimes.co.uk/rbs-battle-...-court-1446980

M1

[Amethyst]

Re: Tesco shares / fraudulent reporting.

Possibly a class action will be set up here for shareholders who have lost out off the back of the fraudulent accounting. I believe there is a similar action already running in the US.

I think you would need to evidence that the misstatement was a reason for you investing initially ( ie you invested based on the over stated profits and thus share price etc) If you invested when the accounts were sound, your shares value rose due to the misstatement then fell again due to them being found out, I don't think there would be a case, but if you bought shares when they were up based on the announced profit statements which were then proved to be wrong and your shares fell, you might do.

It is a complex area and you will need specialist advice.

Re: Tesco shares / fraudulent reporting.

Out of interest, how do you calculate you've lost £5000 since buying the shares? This might be critical to your argument, depending on what you took them to court for.

[MissFM]

Re: Tesco shares / fraudulent reporting.

Thank you.

My question is then, if this is fraud, would it be likely that a court claim would succeed? I very much doubt it, Sean. the big guys never pay for their transgressions.

I envisage Tesco fighting me, expensively.

The reality is that most people would have avoided their shares if the true picture was known. Quite...

I was certainly deceived.

As said, Beagles who know the law on this will be along. I'm commenting because I'm with you, absolutely :mmph:.

[sean5302]

Re: Tesco shares / fraudulent reporting.

Thank you.

My question is then, if this is fraud, would it be likely that a court claim would succeed?

I envisage Tesco fighting me, expensively.

The reality is that most people would have avoided their shares if the true picture was known.

I was certainly deceived.

[MissFM]

Re: Tesco shares / fraudulent reporting.

Hi Sean and to legalBEAGLES,

This will sound flippant, but it isn't.

What you are describing (what has happened) is, IMVHO, fraud pure and simple.

If one of us (the hoi polloi) had done something similar, on a more modest scale, we would rightly be tried and imprisoned.

But then, we're not too big to fail.:colbert:

Stinks.

More erudite Beagles will be along! x