Tech Data has less than two weeks to submit a "plan of compliance" to Nasdaq after it last night issued the firm with a Notice of Deficiency.
Back in March, the distributor restated some or all of its numbers for the past three years due to "accounting improprieties" relating to its UK business. The adjustments could see it slash up to $33m (£21.7m) off previously reported net profit.
Since the announcement, multiple law firms in the US investigated whether the distie and its execs violated any federal laws in light of the problematic accounts.
Last night Nasdaq issued Tech Data with a 10-Q Notice of Deficiency – a form the distie said it expected to receive. The notice said Tech Data is not compliant with Nasdaq's listing rules because it was late filing its 10-Q form, a document sent quarterly to the US Securities and Exchange Commission (SEC).
Tech Data also received a separate Notice of Deficiency from Nasdaq for Q1 for the same reason and for missing the deadline to submit its Annual Report and 10-K document.
The Notice of Deficiency issued by Nasdaq yesterday stated Tech Data must file an "updated plan of compliance" regarding the Q2 10-Q filing no later than 26 September. The distie said it would update the forms "as soon as possible".
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