Hagens Berman Investigates Tech Data Corp. Following Restatement
BERKELEY, Calif. -- March 27, 2013
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
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
More information about this investigation is available at
About Hagens Berman
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
Firmani + Associates
Mark Firmani, 206-443-9357
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