NEW YORK–(BUSINESS WIRE)–#A–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Techtronic Industries Company Limited (“Techtronic” or the “Company”) (OTC Pink: TTNDY) on behalf of Techtronic stockholders. Our investigation concerns whether Techtronic has violated the federal securities laws and/or engaged in other unlawful business practices.
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Hong Kong power tool maker Techtronic has gained U.S.-based investors’ attention by reporting improved gross profit margin every half-year, sequentially, for ten years straight – a feat no other public company with over $1 billion revenue in the entire world can claim.
Techtronic’s earnings recently came into question on Feb. 22, 2023, when 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, TTI disposes of large amounts of tangible assets, such as Property, Plant & Equipment, at near-total losses on sale – signifying the company is capitalizing routine business expenses into assets.
The report also accused the company of ignoring its own accounting policy on bad debt provisions to delay expenses.
On this news, Techtronic’s share price declined sharply.
If you purchased or otherwise acquired Techtronic shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.