A firm of legal eagles is investigating whether distie giant Tech Data violated state or federal laws by making accounting errors that will wipe millions off its bottom line from recent years. Kahn Swick & Foti (KSF) is also probing CEO Bob Dutkvsky's offloading of $2m in his firm's shares earlier this month The US logistics …
When were the results announced?
If the CEO has ditched his shares just before the announcement caused the share price to drop that surely has to be a violation of insider trading laws.
However from the story, I cant quite tell when this "accounting error" was reported compared to when he made the share sale. Can you clarify that El Reg?
I'm sure the CEO is shocked, shocked! to discover there have been accounting irregularities going on with his business. And that his offloading of shares mere weeks before the public revelation was for entirely coincidental and for unrelated purposes.
Isn't it strange how these accounting mistakes are never for underbooking profit or sales. It's almost as if a CEO moves heaven and earth to investigate if he suspects the numbers are too low for a quarter, but shrugs if they seem a little too high...