An investigation for investors in Techtronic Industries Company Limited (OTC:TTNDY) shares over potential securities laws violations by Techtronic Industries Company Limited was announced.
San Diego, CA -- (SBWIRE) -- 03/15/2023 -- Techtronic Industries Company Limited is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of Techtronic Industries Company Limited (OTC: TTNDY), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Techtronic Industries Company Limited regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Hong Kong based Techtronic Industries Company Limited engages in the design, manufacture, and marketing of power tools, outdoor power equipment, and floorcare and cleaning products worldwide.
On February 22, 2023, Jehoshaphat Research published a report alleging that the Company has been "inflating its profits dramatically for over a decade with manipulative accounting." Specifically, Jehoshaphat Research accuses the Company of deceptively managing costs "[b]y stuffing billions of dollars' worth of routine expenses into various asset accounts, year after year;" an accounting trick referred to as "snowballing." Jehoshaphat Research observes that every year, Techtronic disposes of large amounts of tangible assets, such as Property, Plant & Equipment, at near-total losses on sale, signifying that the Company is capitalizing routine business expenses into assets. The report also accused Techtronic of ignoring its own accounting policy on bad debt provisions in order to delay expenses.
Shares of Techtronic Industries Company Limited (OTC: TTNDY) declined from $69.90 per share on February 03, 2023, to as low as $48.30 per share.
Those who purchased shares of Techtronic Industries Company Limited (OTC: TTNDY) have certain options and should contact the Shareholders Foundation.
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