NEW YORK, Oct. 04, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Middle District of Florida on behalf of investors who purchased Tech Data Corporation ("Tech Data" or the “Company”) (NASDAQ: TECD ) securities between June 1, 2017 and August 31, 2017, inclusive (“Class Period”).
Investors who have incurred losses in Tech Data Corporation are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have purchased shares of Tech Data Corporation and would like to assist with the litigation process as a lead plaintiff, you may, no later than November 24, 2017 , request that the Court appoint you lead plaintiff of the proposed class.
The filed complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
- the Company was experiencing execution and operational issues;
- these issues were impacting the Company’s financial performance;
- consequently, the Company would not achieve its guidance; and
- 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 the dissemination of this news, shares of Tech Data fell $22.83 per share on August 31, 2017, closing at $87.46, a decline of 20.7% which represented a loss in market capitalization of $870 million.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com , kcooper@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
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