Investors who are current long-term stockholders in shares of Tech Data Corp (NASDAQ:TECD)
The investigation by a law firm concerns whether certain officers and directors of Tech Data Corp breached their fiduciary duties owed to NASDAQ:TECD investors and caused damage to the company. and its shareholders.
On March 21, 2013, after the market closed, Tech Data Corp announced that the Audit Committee of its Board of Directors, on the recommendation of management, and after discussion with the Company's independent accountants, Ernst & Young LLP, concluded that the Company 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. Tech Data Corporation also said that investors should no longer rely upon the Company's previously released financial statements and other financial data relating to these periods and that 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.
On April 1, 2013, Tech Data Corp announced that it notified the Securities and Exchange Commission (SEC) that it is unable to file its Annual Report on Form 10-K for the year ended January 31, 2013 within the prescribed time period.
Shares of Tech Data Corp declined from $54.04 per share in February 2012 to $43.48 per share on April 18, 2013.
On August 5, 2013, NASDAQ:TECD shares closed at $53.03 per share.
Those who purchased shares of Tech Data Corp (NASDAQ:TECD)