PRLog - Dec. 12, 2012 - SAN DIEGO -- An investigation on behalf of current long-term investors in shares of OCZ Technology Group Inc. (NASDAQ:OCZ)
Investors who are current long term stockholders in shares of OCZ Technology Group Inc. (NASDAQ:OCZ)
The investigation by a law firm for current long term investors in OCZ Technology Group Inc. (NASDAQ:OCZ)
According to that complaint filed in the U.S. U.S. District Court for the Northern District of California the plaintiff alleges that OCZ Technology Group Inc. allegedly made false and/or misleading statements and/or failed to disclose that OCZ Technology Group Inc. was providing extraordinary customer incentives in excess of what was normal and customary in the past, that OCZ Technology Group Inc. was improperly accounting for customer incentive programs, that as a result, OCZ Technology Group’s financial results were misstated between July 10, 2012 and October 10, 2012, that OCZ Technology Group Inc. lacked adequate internal and financial controls, that as a result, defendants’ statements were allegedly materially false and misleading, and that as a result of the foregoing, defendants’ positive statements about that OCZ Technology Group’s business, operations and prospects lacked a reasonable basis.
On September 5, 2012, OCZ Technology Group Inc. announced that for the 2013 fiscal second quarter, which ended on August 31, 2012, it expected preliminary revenue to be approximately $110 to $120 million, compared to the previously guided revenue range of $130 to $140 million.
Then on October 10, 2012, before the market opened, OCZ Technology Group, Inc. (NASDAQ: OCZ), announced that it will file a Notification of Late Filing with the Securities and Exchange Commission that allows the Company to extend the deadline to file its Form 10-Q for the second quarter of fiscal year 2013 (Q2'13), which ended on August 31, 2012. OCZ Technology Group, Inc said its financial statements are still under review.
Shares of OCZ Technology Group Inc. (NASDAQ:OCZ)
On November 6, 2012, NASDAQ:OCZ shares closed at $1.41 per share, which is significantly below its current 52 week High of $10.05 per share.
Those who purchased shares of OCZ Technology Group Inc. (NASDAQ:OCZ)