Techtronic Industries Company Limited (TTNDY)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Techtronic Industries Company Limited (“Techtronic” or the “Company”) (OTCMKTS: TTNDY). Investors who purchased Techtronic securities are encouraged to obtain additional information and assist the investigation.
The investigation concerns whether Techtronic has violated federal securities laws.
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.
If you are aware of any facts relating to this investigation or purchased Techtronic shares, you can assist with this investigation. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.