NEW YORK, April 3, 2013 (GLOBE NEWSWIRE) -- Morgan & Morgan is investigating potential securities law violations concerning 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 materially false and misleading.
If you purchased Tech Data and want more information about the Tech Data (TECD) Securities Lawsuit, please contact George Pressly, Esq. at 1 (800) 631-6234 or email George at askGeorge@morgansecuritieslaw.com.
Tech Data Corporation is based in Clearwater, Florida and 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. Tech Data 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.
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Source: Morgan & Morgan