BOSTON, March 21, 2013 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, is investigating possible securities law violations by Tech Data Corporation ("Tech Data" or the "Company") (NASDAQ: TECD) following the Company's announcement that "investors should no longer rely upon the Company's previously released financial statements." More specifically, Tech Data announced that 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."
According to the Company, "the restatement will be made to correct improprieties related to how the Company's U.K. subsidiary reflected vendor accounting." At this time, Tech Data believes that the restatement will reduce previously reported consolidated operating income by an aggregate amount of approximately $30 million to $40 million, and consolidated net income by an aggregate amount of approximately $25 million to $33 million, over the three fiscal year periods.
Block & Leviton's investigation seeks to determine, among other things, whether Tech Data or its officers and directors have violated the federal securities laws. If you purchased Tech Data stock between May 23, 2011 and March 21, 2013 and have any information relevant to this investigation, or have questions about your legal rights, please contact attorney Steven Harte of Block & Leviton LLP at (617) 398-5600 or email him at Steven@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years.
SOURCE Block & Leviton LLP