- Tesco, the largest supermarket chain in England, is under investigation by that nation's financial regulatory agency.
- The Financial Conduct Authority notified the retailer that it will conduct a full investigation into the circumstances that led to last week's disclosure that Tesco had overstated profit guidance by $408 million. Tesco, which is the third largest retailer on earth, has lost some $4.9 billion in market value since the scandal broke.
- Tesco, which suspended four executives when the accounting scandal first broke, promised to cooperate with investigators.
Tesco has lost roughly half its value since the scandal began. And shares fell another few percent in early trading today after the FCA announcement.
But things are pretty awful at Tesco's traditional competitors too. Sainsbury's announced today that its sales have fallen for the third quarter in a row, and it was only yesterday that UK regulators charged the former treasure of rival Morrisons with insider trading.