NEW YORK, June 14, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Tech Data Corp. ("Tech Data" or the "Company") who purchased Tech Data common stock between March 1, 2011 and March 21, 2013 (the "Class Period"). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 237.
The investigation concerns whether Tech Data and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On March 21, 2013, Tech Data announced 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. Upon this news announcement, shares of Tech Data fell $5.45 or 11% in after-hours trading, to $44.10 per share.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.