Fieldfisher bags sole instruction for GCA in Tesco profits probe

Fieldfisher has picked up the sole instruction for the Groceries Code Adjudicator (GCA) on its investigation into Tesco’s profit over-statement in September 2014.

Fieldfisher senior partner Matthew Lohn is leading the investigation for the GCA alongside the adjudicator’s in-house team.

Last year’s £250m overstatement in Tesco’s half-year profits, and saw the company appoint Freshfields Bruckhaus Deringer to scrutinise its figures. The firm retained its advisory position after the Serious Fraud Office launched an investigation into accounting practices at the supermarket giant.

As well as the conclusion to these investigations, Tesco has to face a potential claim from shareholders brought forward by Stewarts Law over losses suffered as a result of the overstatement.

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