Tech Data Corp. (TECD) announced after the bell Thursday that it will restate its previously issued quarterly financial statements for the fiscal years 2011, 2012, and 2013. The restatement is meant to correct improprieties related to how the company's U.K. subsidiary reflected vendor accounting.
Tech Data gapped open sharply lower Friday and is now down 2.85 at $46.70 in early trade. The stock has fallen to a 2 1/2 week low and has dropped below its 200-day moving average.
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