Tech Data (TECD) is restating some or all of its results from FY11 onwards to "correct...

|About: Tech Data Corporation (TECD)|By:, SA News Editor

Tech Data (TECD) is restating some or all of its results from FY11 onwards to "correct improprieties" in its U.K. subsidiary's vendor accounting. Tech Data estimates the restatement will lower net income by $25M-$33M over the period in question, and will likely seek a 15-day extension for the filing of its FY13 (ended Jan. '13) 10-K. Shares are halted. (PR)