The Rosen Law Firm announces that it is investigating securities fraud claims against Tech Data (Nasdaq: TECD).
On March 21, 2013, after market-close, Tech Data announced that it will restate its financial results for its last three fiscal years. The restatement will reduce previously reported consolidated operating income by about $30-40 million in total, and consolidated net income by about $25-33 million in total.
Tech Data announced that the restatement is required primarily because of improprieties in its U.K. subsidiary’s vendor accounting. The Company stated that it is currently investigating deficiencies in its internal controls over financial reporting.
The Company also announced that it will seek a 15-day filing extension for its annual report for fiscal year ended January 31, 2013.This adverse news caused the price of Tech Data stock to drop in after-market trading on March 21, 2013, causing investors substantial losses. The Rosen Law Firm is preparing a class action lawsuit as a result of this adverse information. If you purchased Tech Date stock prior to March 22, 2013, you may visit the website at http://rosenlegal.com to join the class action. You may also contact Timothy W. Brown, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at firstname.lastname@example.org. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Attorney Advertising. Prior results do not guarantee a similar outcome.