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
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.”