LOS ANGELES, April 19, 2013 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that it is investigating potential claims on behalf of investors of Tech Data Corporation ("Tech Data" or the "Company") concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by Tech Data regarding the Company's financial performance were false and misleading.
Tech Data 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. 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.
If you purchased Tech Data shares, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
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