Clearwater technology products distributor Tech Data Corp. is still working on its plan to restate financial "improprieties" tied to vendor accounting at the company's United Kingdom subsidiary. As a result, the company — Tampa Bay's largest public corporation by revenues — on Friday said it received a noncompliance notice from Nasdaq, where the public company trades its shares.
The company has not met a rule requiring the timely filing of its "10-Q" quarterly statement with the Securities and Exchange Commission for the quarter ending July 31. Tech Data already has received similar notices for delayed filings of earlier quarterly and annual filings.
The company announced on March 21 that it will restate some or all of its previously issued quarterly and audited annual financial statements for the fiscal years 2011, 2012 and 2013. Until then, the company said it will not announce current fiscal year earnings until the restatement of those periods is complete.
The latest 10-Q notice from Nasdaq requires Tech Data to update its compliance plan no later than Sept. 26. The company said it intends to file its update as soon as possible.