Hagens Berman Investigates Tech Data Corp. Following Restatement Announcement
BERKELEY, Calif.--(BUSINESS WIRE)-- 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 TECD@hbsslaw.com.
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.”
Hagens Berman reminds whistleblowers with inside information that rewards may be available to individuals who report information leading to a successful enforcement action by the Securities and Exchange Commission. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
More information about this investigation is available at http://www.hb-securities.com/investigations/TECD.
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the law firm and its successes can be found at www.hbsslaw.com. The Firm’s securities law blog is at http://www.meaningfuldisclosure.com.
Firmani + Associates
Mark Firmani, 206-443-9357
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