Investigation Overview
An investigation on behalf of investors in shares of TechTarget Inc (Public, NASDAQ:TTGT), that may affect investors, who purchased TTGT shares from May 2007 on, over potential violations of Federal Securities Laws by TechTarget, Inc. (Nasdaq: TTGT).
The investigation by a law firm concern potential violations of the federal securities laws by TechTarget and others in relation to the following announcement. On November 9, 2009, TechTarget announced the delay of its third quarter financial results and stated as follows: The Company recently identified an improper accounting practice relating to certain customer credits that were improperly eliminated as liabilities on the Companys balance sheet. The Company believes that the result of this practice was that expenses were understated (overstated) by approximately $353,000 in 2007, $426,000 in 2008 and ($15,000) in 2009. As a result, TechTarget is delaying the filing of its Quarterly Report on Form 10-Q for the third quarter of 2009, and the Audit Committee of TechTargets Board of Directors is currently conducting an investigation into this matter. Then on November 10, 2009, TechTargets common stock TTGT declined by $0.55 per share, or 8.11%, to close at $6.23 per share on greater than average volume.
TechTarget Inc., located in Needham, MA, is a provider of specialized online content that brings together buyers and sellers of corporate information technology (IT) products. The Company sells customized marketing programs that enable IT vendors to reach corporate IT decision makers who are researching specific IT purchases. TechTarget Inc. reported in 2007 Total Revenue of $92.25million with a Net Income of $6.54million and in 2008 Total Revenue of $104.54million with a Net Income of $1.76million. Shares of TechTarget Inc. traded recently at $6.09 per share, down from its 52weekHigh of $8.00 per share, almost $15 per share in 2008, and over $17 per share in 2007.