Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Tech Data Corporation (NASDAQ:TECD) in connection to alleged violations of securities laws by TECD. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Tech Data Corporation between June 1, 2017 and August 31, 2017.
The class action complaint specifically alleges that during the period in question, TECD might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that the company was suffering various issues related to execution and operations; that the issues in question were affecting TECD’s financial results; that due to these issues, the company was not going to meet the figures projected by its guidance; and that consequently the company’s statements to the public during the relevant period were false and misleading. When the company’s CEO announced in a Q2 earnings call on August 31, 2017 that TECD was suffering issues that “impacted us in this quarter in a way that was much larger than we anticipated,” shares in the company’s stock declined $22.83/share on that day.
According to the company’s website, Tech Data Corporation is “one of the world’s largest distributors of technology products, services, and solutions.” The description continues: “Companies like HP, Apple, Cisco, Microsoft—and hundreds of others—depend on us to bring many of their products to market. Many of the hardware devices and software applications that you use in your daily life have passed through our logistics centers on their way to market.IT resellers around the world—our customers—depend on us to support the technology needs of end users of all sizes, including small- and medium-sized businesses (SMB), large enterprises, educational institutions, government agencies, and consumers. Doing business with Tech Data gives solutions providers access to a vast array of technology products, including the latest data center, software, cloud, mobility, and consumer technology offerings. These products are offered in conjunction with a comprehensive range of technical, business support, and value-added services, including certification, training, configuration, installation, marketing, financing, and integrated supply chain services.”
A class action lawsuit has already been filed in connection with Tech Data Corporation. If you wish to serve as lead plaintiff in the TECD lawsuit, you must move the Court no later than November 24, 2017. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.