O’Bell Law Firm, L.L.C. ("O’Bell, LLC"), a New Orleans based class action and securities litigation law firm, announces that it is commencing an investigation into the Board of Directors and certain executive officers of Tech Data Corp. ("Tech Data" or the "Company") (Nasdaq: TECD) to determine whether it has breached its fiduciary duties and other possible violations of law in connection with the pending restatement of the Company’s financial statements.
On March 4, 2013, the Company issued a press release announcing its financial results for the fourth quarter and fiscal year ending January 31, 2013. However, less than three weeks later, the Company announced that it would restate some or all of its previously issued quarterly and audited annual financial statements for fiscal years 2011 and 2012, and some or all of the quarters of fiscal year 2013, due to improprieties relating to vendor accounting at its United Kingdom subsidiary. Although the restatement has not yet been completed, the Company has estimated that its previously reported net income should be reduced by $25 million to $33 million.
On March 8, 2013, just four days after the Company issued its press release reporting its fiscal 2013 financial results, Tech Data’s CEO sold approximately 40,000 shares of his personally held Company stock. Upon the announcement of the restatement on March 21, 2013, the Company’s stock price dropped approximately 10.7%.
If you have information relevant to this investigation that you would like to share with us in furtherance of the shareholders’ interests in this matter, then please contact Eric J. O’Bell directly without obligation or cost to you at 1-800-938-1596; or by email to EJO@OBellLawFirm.com.