British supermarket Tesco is facing a £100m (€111m) legal claim from a group of almost 125 British investors, arising from its profit overstatement in 2014.
The group of institutional funds says it lost millions back in 2014 after Tesco misstated its half-year profits by £250m, when it booked in sales before they took place.
The retailer’s share price subsequently collapsed, wiping more than £2bn off the value of Tesco.
The group of investors filing proceedings against Tesco says the accounting scandal caused “substantial damage” to shareholders, who have a right to rely on accurate information from listed companies.
Already, three former senior executives at Tesco have been charged over the accounting scandal by the UK’s Serious Fraud Office.
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