WASHINGTON--(BUSINESS WIRE)--Shareholder law firm Finkelstein Thompson LLP is investigating potential claims on behalf of Tech Data Corporation (NASDAQ: TECD), whose share price declined after it disclosed its intent to restate some or all of its financial statements for 2011, 2012, and 2013. If you are interested in discussing your rights as a Tech Data shareholder, or have information relating to this investigation, please contact Finkelstein Thompson's Washington, DC offices at (877) 337-1050 or by email at contact@finkelsteinthompson.com.
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 now “in the process of evaluating deficiencies in its internal controls over financial reporting.”
Following these revelations, Tech Data’s share price plummeted, losing significant value. Finkelstein Thompson is investigating what remedies may be available to Tech Data shareholders to recover those losses, and whether the actions leading to these losses were the result of breaches of fiduciary duties by the company’s management.
Finkelstein Thompson LLP has spent over three decades delivering outstanding representation to institutional and individual clients in financial litigation, and courts have appointed it lead or co-counsel in dozens of shareholder class actions. Indeed, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers.
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