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Law Offices of Todd M. Garber Announces Investigation Of Tech Data Corp


Friday, 5 Apr 2013 09:29pm EDT 

The Law Offices of Todd M. Garber announced that it is investigating potential claims against Tech Data Corp concerning possible violations of federal securities laws. Tech Data engages in the wholesale distribution of technology products in North America, South America, Europe, the Middle East and Africa. The investigation is related to the Company’s March 21, 2013 announcement that it will restate certain of its financial results for its 2011, 2012 and 2013 fiscal years. The Company has stated investors should no longer rely on its financial data reported for these periods. The restatement will reduce previously reported consolidated operating income by approximately $30-40 million, and consolidated net income by approximately $25-33 million. According to the Company, “the restatement will be made to correct improprieties related to how the Company’s U.K. subsidiary reflected vendor accounting.” In addition, the Company will likely seek a 15-day filing extension for its Annual Report on Form 10-K for the fiscal year ended January 31, 2013. 

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