This month Tesco will face a joint action for £150m from 60 shareholders who hope to recover losses from accounting irregularities. The supermarket called in investigators and suspended four senior employees in September 2014 after it was found the firm’s profits had been artificially increased by £263m. The controversy led to a £2bn loss in the group’s value. In July 2015, Sainsbury’s announced that its chief executive, Dave Lewis, would step down at the end of this year.
This month Tesco will face a joint action for £150m from 60 shareholders who hope to recover losses from accounting irregularities. The supermarket called in investigators and suspended four senior employees in September 2014 after it was found the firm’s profits had been artificially increased by £263m. The controversy led to a £2bn loss in the group’s value. Last month, the Serious Fraud Office charged three former Tesco directors with fraud in relation to the scandal.