San Diego, CA -- (ReleaseWire) -- 01/15/2014 -- An investigation for investors who currently hold NASDAQ:TECD shares was announced concerning potential breaches of fiduciary duties by certain officer and directors of Tech Data Corp.
Investors who are current long-term stockholders in shares of Tech Data Corp (NASDAQ:TECD), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Tech Data directors and officers breached their fiduciary duties 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 concluded that Tech Data Corp 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.
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. On April 3, 2013, Tech Data Corp announced that it has received a notice from the NASDAQ Listing Qualifications Department stating that the Company is not in compliance with a NASDAQ Listing Rule.
On October 2, 2013, Tech Data Corp announced that on October 1, 2013, it received a letter from the NASDAQ Listing Qualifications Department notifying the Company that it has not regained compliance with Nasdaq Listing Rule 5250(c)(1)
On December 17, 2013, Tech Data Corp announced that it received a notice from the NASDAQ Listing Qualifications Department stating that the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1) because the Company has not timely filed its Form 10-Q for the quarterly period ended October 31, 2013 (the "Third Quarter 10-Q").
Tech Data Corp said that the Third Quarter 10-Q, as well as the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2013, and Quarterly Reports on Form 10-Q for the quarters ended April 30, 2013 and July 31, 2013 are delayed pending completion of the Company's restatement of prior financial statements announced on March 21, 2013.
On January 13, 2014, NASDAQ:TECD shares closed at $51.90 per share.
Those who purchased shares of Tech Data Corp have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego