NEW YORK, March 18, 2023 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Techtronic Industries Company Limited (“Techtronic Industries” or the “Company”) (OTC: TTNDY).
If you suffered losses exceeding $50,000 investing in Techtronic Industries stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/TTNDY.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
Hong Kong power tool maker Techtronics 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.
Techtronics’ 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, Techtronics’ share price declined sharply.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
SOURCE Faruqi & Faruqi, LLP
