Tech Data investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, Tech Data is a wholesale distributor of technology products. The company identifies itself as the link in the technology supply chain by bringing products from technology vendors to market and by providing its customers with logistic capabilities and services.
The Class Period commences on June 1, 2017 when Tech Data issued a press release announcing the company’s financial and operating results for the first fiscal quarter ended April 30, 2017.
The complaint alleges that, on August 31, 2017, Tech Data issued a press release and reported non-GAAP earnings per share on a diluted basis of $1.74, far from the previously announced range of $1.95 to $2.08. That same day, during a conference call, Tech Data’s CEO disclosed that the company was experiencing execution and operational issues, notably pricing issues, rebate issues and issues related to the integration of the Technology Solutions business acquired from Avnet, Inc.
Following this news, the company’s share price fell $22.83 per share, from a closing price on August 31, 2017 of $110.29 per share to a close of $87.46 per share, a drop of approximately 20.69%.
The complaint alleges that, throughout the Class Period, the 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.
If you are a member of the class described above, you may no later than November 24, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com