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The Young Law Firm Announces Investigation Of Tech Data Corp


Tuesday, 30 Apr 2013 01:03pm EDT 

The Young Law Firm announced that it is investigating potential claims on behalf of investors in Tech Data Corporation (Tech Data or the Company) concerning possible violations of federal securities laws. The investigation concerns how the Company reported income. Tech Data distributes technology products. On March 21, 2013, the Company announced that its Audit Committee had concluded that the Company would 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 its fourth quarter and fiscal year 2013 earnings release dated March 4, 2013. Accordingly, the Company advised that investors should no longer rely upon the Company's previously released financial statements and other financial data relating to these periods. The Company further stated that it anticipated that the restatement would be made to correct improprieties primarily related to how the Company's U.K. subsidiary reflected vendor accounting and that the Company estimated that the restatement will reduce previously reported consolidated operating income by an aggregate amount of approximately $30 million to $40 million, and consolidated net income by an aggregate amount of approximately $25 million to $33 million, over the three fiscal year periods. 

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