An investigation for investors in NASDAQ:TECD shares over potential wrongdoing at Tech Data Corp continues and current long-term NASDAQ:TECD stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/04/2015 -- An investigation for investors who currently hold shares of Tech Data Corp (NASDAQ:TECD ) is ongoing concerning potential breaches of fiduciary duties by certain Tech Data Corp directors and officers that caused damages to the company and NASDAQ:TECD stockholders.
Investors who purchased shares of Tech Data Corp (NASDAQ:TECD) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain statements regarding Tech Data's business, its prospects and its operations were materially false and misleading at the time they were made. More specifically, the investigation focuses on whether certain Tech Data directors and officers breached their fiduciary duties and caused damage to the company and its shareholders.
On March 21, 2013, Tech Data announced that it will restate certain of its financial results for its 2011, 2012 and 2013 fiscal years. The Company said, "investors should no longer rely on the financial data reported relating to these periods." The restatement will reduce previously reported consolidated operating income by approximately $30-40 million, and consolidated net income by about $25-33 million. According to the Company, "the restatement will be made to correct improprieties related to how the Company's U.K. subsidiary reflected vendor accounting." In addition, the Company will likely seek a 15-day filing extension for its Annual Report on Form 10-K for the fiscal year ended January 31, 2013. Upon this news announcement, shares of Tech Data fell $5.45 or 11% in after-hours trading, to $44.10 per share.
On January 30, 2014, Tech Data disclosed that it was expanding the scope of its previously announced earnings restatement and adding additional charges the Company should have taken as of January 31, 2013.
Those who purchased shares of Tech Data Corp (NASDAQ:TECD) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com