This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Hagens Berman Investigates Tech Data Corp. Following Restatement Announcement

Stocks in this article: TECD

Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, is investigating Tech Data Corp. (NASDAQ:TECD) (“TECD” or “the Company”) following the company’s announcement that it expects to restate financial reports for 2011, 2012 and 2013. The firm encourages those who have suffered losses to contact Hagens Berman Partner Reed Kathrein, who is leading the Firm’s investigation, by emailing TECD@hbsslaw.com.

If you purchased shares of TECD common stock between June 1, 2011, and the present and wish to discuss your rights, you may also contact Mr. Kathrein by calling (510) 725-3000.

On March 21, 2013, TECD disclosed it “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. Accordingly, investors should no longer rely upon the Company’s previously released financial statements and other financial data relating to these periods.”

It also noted that it expected the restatements to reduce operating income by $30 to $40 million and net income by $25 million to $33 million, for three fiscal year periods, 2011, 2012 and 2013.

Following the disclosure, the company’s stock price fell in after-hours trading and closed at a price of approximately $46.00 per share on March 22, 2013, down from a close of approximately $49.50 on March 21, 2013.

Hagens Berman attorneys are investigating whether TECD and certain of its officers were aware of these issues before disclosing them to investors. The firm is also investigating possible insider selling.

“We have tracked $80 million in insider sales of TECD stock, which is very significant and suspicious,” said Mr. Kathrein. “We intend to investigate further to determine whether investors who purchased TECD stock have legal claims against the company.”

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs