An investigation for investors in Tech Data Corp (NASDAQ:TECD) shares over potential securities laws violations by Tech Data Corp was announced and NASDAQ:TECD stockholders should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 03/25/2013 -- An investigation on behalf of investors of Tech Data Corp (NASDAQ:TECD) shares over potential securities laws violations by Tech Data Corp and certain of its directors and officers in connection certain financial statements was announced.
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 possible claims on behalf of purchasers of the securities of Tech Data Corp (NASDAQ:TECD) concerning whether a series of statements by Tech Data Corp (NASDAQ:TECD regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Tech Data Corp reported that its annual Total Revenue rose from over $22.09 billion for the 12 months period that ended on Jan. 31, 2010 to over $26.48 billion for the 12 months period that ended on Jan. 31, 2012. However, its Net Income for those respective time periods declined from $214.24 million to $206.40 million.
Shares of Tech Data Corp (NASDAQ:TECD) increased from $35.95 per share in July 2010 to as high as $57.26 in February 2012.
Then on March 21, 2013, Tech Data Corporation announced 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.
Tech Data Corporation also said that investors should no longer rely upon the Company's previously released financial statements and other financial data relating to these periodsand that 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.
Shares of Tech Data Corp (NASDAQ:TECD) dropped from $50.17 per share on March 21, 2013, to $46.00 on March 22, 2013 at $46.00,
Those who purchased shares of Tech Data Corp have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego