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, but was range-bound for the majority of the session. The stock closed down by 3.55 at $46.00 on above average volume. Tech Data dropped to over a 2-month low and fell below its 200-day moving average.
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