OCZ Technology Group Inc. Investor Files Lawsuit Over Alleged Misleading Statements

A lawsuit was filed for certain investors in shares of OCZ Technology Group Inc. . Deadline: December 10, 2012. NASDAQ-OCZ investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com
 
 
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Tags:
* NASDAQ:OCZ
* Securities Class Action
* Class Action
* Lawsuit

Industrys:
* Business
* Finance

Location:
* San Diego - California - US

Nov. 6, 2012 - PRLog -- An investor in shares of OCZ Technology Group Inc.  filed a lawsuit in the U.S. District Court for the Northern District of California against OCZ Technology Group Inc. over alleged securities laws violations in connection with certain allegedly false and misleading statements.

If you purchased shares of OCZ Technology Group Inc.  between July 10, 2012 and October 10, 2012, you have certain options and there are short and strict deadlines running. Deadline: December 10, 2012. NASDAQ-OCZ investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on behalf of purchasers of OCZ Technology Group Inc.  securities during the period of July 10, 2012 and October 10, 2012, that OCZ Technology Group Inc.  and certain of its executive officers 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. , 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.  dropped from $3.16 per share on October 9, 2012, to $1.81 per share on October 10, 2012.

NASDAQ-OCZ shares continued to decline and traded on October 12, 2012 at slightly above $1.50 per share, which is significantly less than its 52 week High of $10.05 per share.

Those who purchased shares of OCZ Technology Group Inc.  between July 10, 2012 and October 10, 2012, yhave certain options and there are short and strict deadlines running. Deadline: December 10, 2012. NASDAQ-OCZ investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
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Tags:NASDAQ:OCZ, Securities Class Action, Class Action, Lawsuit
Industry:Business, Finance
Location:San Diego - California - United States
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