The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Tech Data Corporation (NASDAQ: TECD) who purchased shares between March 14, 2013 and July 26, 2017. The action, which was filed in the United States District Court for the Middle District of Florida, alleges that the Company violated federal securities laws.
The complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company was experiencing execution and operational issues; (2) these issues were impacting the Company’s financial performance; (3) consequently, the Company would not achieve its guidance; and (4) therefore the Company’s financial statements were materially false and misleading at all relevant times.
On August 31, 2017, during a conference call to discuss results for the second fiscal quarter ended July 31, 2017, the Company’s CEO, Robert Dutkowsky, disclosed that the Company was experiencing execution and operational issues that “impacted us in this quarter in a way that was much larger than we anticipated.” Upon this news, shares of Tech Data fell $22.83 per share on August 31, 2017.
Shareholders have until November 24, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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