Key Developments: Tech Data Corp (TECD.O)
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$0.42 (+0.85%)
$48.73
$49.32
$49.88
$49.14
56,141
263,028
$54.60
$42.25
Latest Key Developments (Source: Significant Developments)
The Young Law Firm Announces Investigation Of Tech Data Corp
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. Full Article
Holzer Holzer & Fistel, LLC Announces Investigation into Tech Data Corp
Holzer Holzer & Fistel, LLC announced that it is investigating whether Tech Data Corp (Tech Data or the Company) and/or certain of its officers and directors complied with state and federal laws in making public statements between May 23, 2011 and March 21, 2013. On March 21, 2013, after the market closed, Tech Data issued a press release disclosing that the Company would be restating its previously issued financial statements for some or all of its 2011 and 2012 fiscal years and some or all of the Company`s 2013 fiscal quarters, due to improprieties related to how the Company`s U.K. subsidiary reflected vendor accounting. Full Article
Law Offices of Todd M. Garber Announces Investigation Of Tech Data Corp
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. Full Article
Ryan & Maniskas, LLP Announces Investigation Of Tech Data Corp
Ryan & Maniskas, LLP announced that it has commenced an investigation into potential securities law violations by certain officers of Tech Data Corp. (Tech Data or the Company). The investigation focuses on allegations that certain statements issued by the Company regarding the Company's business, operations and financial condition were false and misleading. 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 said investors should no longer rely on the financial data reported relating to 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. Full Article
Glancy Binkow & Goldberg LLP Announces Investigation Of Tech Data Corp
Glancy Binkow & Goldberg LLP announced that it is investigating potential claims on behalf of investors of Tech Data Corporation (Tech Data or the Company) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by Tech Data regarding the Company`s financial performance were false and misleading. 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 said investors should no longer rely on the financial data reported relating to these periods. The restatement will reduce previously reported consolidated operating income by approximately $30-40 million, and consolidated net income by about $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. Full Article
Harwood Feffer LLP Announces Investigation of Tech Data Corp
Harwood Feffer LLP announced that it is investigating potential claims against the board of directors of Tech Data Corp (TECD or the Company), concerning whether the board has breached its fiduciary duties to shareholders. On March 21, 2013, the Company disclosed that due to accounting improprieties it will be forced to restate its financial results for all years and quarters from 2011 through the present. The restatement will result in a reduction of previously reported operating income and net income by up to $40 million and $33 million, respectively. Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing. Full Article
Levi & Korsinsky, LLP Launches Investigation into Possible Breaches of Fiduciary Duty by Tech Data Corp
Levi & Korsinsky announced that it is investigating potential claims on behalf of purchasers of Tech Data Corp (Tech Data or the Company) securities concerning possible violations of securities laws. The investigation stems from Tech Data`s announcement that the Company expects to restate its previously reported financial results for 2011, 2012 and 2013. The restatement will reduce previously reported consolidated operating income by about $30-40 million in total, and consolidated net income by about $25-33 million. According to the Company, the restatement concerns how the Company`s U.K. subsidiary reflected vendor accounting. Tech Data is seeking a 15-day filing extension for its annual report for the fiscal year ended January 31, 2013. Full Article
Lifshitz Law Firm Announces Investigation of Tech Data Corp
Lifshitz Law Firm announced that it is investigating potential claims against the board of directors of Tech Data Corp (Tech Data or the Company). On March 21, 2013, The Company reported that its Audit Committee concluded that the Company 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 the 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. Full Article
Shareholder Law Firm Finkelstein Thompson LLP Investigates Potential Claims By Tech Data Corp Shareholders
Shareholder law firm Finkelstein Thompson LLP is investigating potential claims on behalf of Tech Data Corporation, whose share price declined after it disclosed its intent to restate some or all of its financial statements for 2011, 2012, and 2013. On March 21, 2013, Tech Data disclosed this restatement, stating in part that it would be made to correct improprieties primarily related to how the Company's UK subsidiary reflected vendor accounting." The Company further indicated the restatement may "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 and, additionally, disclosed it was in the process of evaluating deficiencies in its internal controls over financial reporting. Following these revelations, Tech Data`s share price plummeted, losing value. Finkelstein Thompson is investigating what remedies may be available to Tech Data shareholders to recover those losses, and whether the actions to these losses were the result of breaches of fiduciary duties by the Company`s management. Full Article
Bronstein, Gewirtz & Grossman, LLC Announces Investigation Of Tech Data Corp
Bronstein, Gewirtz & Grossman, LLC announced that it is investigating potential claims on behalf of purchasers of the securities of Tech Data Corp. The investigation focuses on whether the Company and executives violated federal securities laws. On March 21, 2013, after market-close, Tech Data announced that it will restate some of financial results from 2011, 2012 and 2013 fiscal years. The Company said investors should no longer rely on the financial data reported relating to these periods. The restatement will reduce previously reported consolidated operating income by about $30-40 million in total, and consolidated net income by about $25-33 million in total. Full Article
MARKET PULSE-Tibco Software, Tech Data, Nike, Monster Beverage
U.S. stock index futures pointed to a lower open on Wall Street on Friday, with futures for the S&P 500 down 0.1 percent at 0816 GMT. June contracts on the Nasdaq 100 also fell 0.1 percent, while Dow Jones futures were flat.
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