An investigation on behalf of investors in shares of Tech Data Corp over potential securities laws violations by Tech Data Corp was announced and NASDAQ:TECD stockholders should contact the Shareholders Foundation at mail at shareholdersfoundation.com
San Diego, CA -- (SBWIRE) -- 05/07/2013 -- An investigation on behalf of investors of Tech Data Corp (NASDAQ:TECD) shares was announced concerning possible violations of federal securities laws by Tech Data Corp.
Investors who purchased shares of Tech Data Corp (NASDAQ:TECD) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on allegations that certain statements issued by Tech Data regarding the Company's financial performance were false and misleading.
On March 21, 2013, Tech Data Corp announced that it will restate certain of its financial results for its 2011, 2012 and 2013 fiscal years.
Tech Data Corp that the Audit Committee of its Board of Directors, on the recommendation of management, and after discussion with the Company's independent accountants, Ernst & Young LLP, concluded that the Company will restate some or all of its previously issued quarterly and audited annual financial statements for the fiscal years 2011 and 2012, and some or all of the quarters of fiscal year 2013, including our fourth quarter and fiscal year 2013 earnings release dated March 4, 2013. The restatement will reduce previously reported consolidated operating income by approximately $30 to 40 million, and consolidated net income by about $25 to 33 million. According to Tech Data Corp, "the restatement will be made to correct improprieties related to how the Company's U.K. subsidiary reflected vendor accounting."
On April 1, 2013, April 1, 2013, Tech Data Corp announced that it notified the Securities and Exchange Commission (SEC) that it is unable to file its Annual Report on Form 10-K for the year ended January 31, 2013 within the prescribed time period.
Shares of Tech Data Corp mdeclined from $54.04 per share in February 2012 to $43.48 per share on April 18, 2013.
On May 6, 2013, NASDAQ:TECD shares closed at $47.32 per share.
Those who purchased shares of Tech Data Corp (NASDAQ:TECD), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego