An investigation on behalf of current NASDAQ:TECD investors over possible breaches of fiduciary duties by certain officers and directors at Tech Data Corp was announced and current NASDAQ:TECD stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com
San Diego, CA -- (SBWIRE) -- 04/23/2013 -- The announcement that Tech Data Corp will have to restate certain financial statements prompted an investigation on behalf of long-term investors who currently hold NASDAQ:TECD shares concerning whether certain Tech Data officer and directors breached their fiduciary duties.
Investors who are current long-term stockholders in 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.
On March 21, 2013, after the market closed, 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 periods and 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 declined from $49.55 per share on March 21, 2013, to $46.00 on March 22, 2013.
The investigation by a law firm concerns whether certain Tech Data Corp officers and directors breached their fiduciary duties and caused damage to the company and its shareholders by failing to implement adequate internal controls.
NASDAQ:TECD closed on April 22, 2013 at $44.42 per share, which is below its current 52 week High of $55.00 per share.
Those who are current long-term stockholders in shares of Tech Data Corp (NASDAQ:TECD), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com