SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Techtronic Industries Company Limited - TTNDY
NEW YORK, March 22, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Techtronic Industries Company Limited ("Techtronic" or the "Company") (OTCMKTS: TTNDY). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Techtronic and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On February 22, 2023, Jehoshaphat Research published a report alleging that the Company has been "inflating its profits dramatically for over a decade with manipulative accounting." Specifically, Jehoshaphat Research accuses the Company of deceptively managing costs "[b]y stuffing billions of dollars' worth of routine expenses into various asset accounts, year after year;" an accounting trick referred to as "snowballing." Jehoshaphat Research observes that every year, Techtronic disposes of large amounts of tangible assets, such as Property, Plant & Equipment, at near-total losses on sale, signifying that the Company is capitalizing routine business expenses into assets. The report also accused Techtronic of ignoring its own accounting policy on bad debt provisions in order to delay expenses.
On this news, Techtronic's stock price fell $3.55 per share, or 5.7%, to close at $58.70 per share on February 22, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
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