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OCZ Technology Group Inc. (NASDAQ:OCZ) Long-Term Investor Investigation over potential Wrongdoing

An investigation on behalf of current long term investors in OCZ Technology Group Inc. (NASDAQ:OCZ) shares was announced and NASDAQ:OCZ stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com

 
 
mail@shareholdersfoundation.com
mail@shareholdersfoundation.com
PRLog - Dec. 12, 2012 - SAN DIEGO -- An investigation on behalf of current long-term investors in shares of OCZ Technology Group Inc. (NASDAQ:OCZ)  was announced concerning whether certain directors and officers of OCZ Technology Group Inc. breached their fiduciary duties in connection with certain financial statements. .

Investors who are current long term stockholders in shares of OCZ Technology Group Inc. (NASDAQ:OCZ), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm for current long term investors in OCZ Technology Group Inc. (NASDAQ:OCZ) stocks follows a lawsuit filed earlier by shareholders against OCZ Technology Group Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in OCZ Technology Group Inc. (NASDAQ:OCZ) stocks concerns whether certain OCZ Technology Group officers and directors are liable in connection with the allegations made in that lawsuit.

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) declined from $$5.86 per share on September 4, 2012 to as low as $1.26 per share on October 22, 2012.

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), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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Contact Email:
***@shareholdersfoundation.com Email Verified
Source:Shareholders Foundation, Inc.
Phone:+1-(858)-779-1554
Zip:92108
Location:San Diego - California - United States
Industry:Business, Finance
Tags:ocz technology group, NASDAQ:OCZ, lawsuit, securities class action
Shortcut:prlog.org/12041419
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