Tesco enlists Freshfields to review market-rattling accounting revelation

September 24, 2014 Freshfields Bruckhaus Deringer is retained alongside Deloitte to independently investigate the shocking announcement by Tesco that it overstated its profits in the first half of 2014 by £250m, a 29% overstatement. Tesco shares lost 12% in one day following the 22.September public announcement.

According to a Legal Week article, Freshfields has advised Tesco in recent and several previous deals, including in support of separate ventures that solidified Tesco's position in the mainland China and United States markets.

The internal investigation that led to the findings at Tesco came as a result of an internal whistleblower's report.

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