Law Offices of Todd M. Garber Announces Investigation of OCZ Technology Group, Inc.
The Law Offices of Todd M. Garber announces that it is investigating potential claims against OCZ Technology Group, Inc.(“OCZ” or the “Company”) (NASDAQ: OCZ) concerning possible violations of federal securities laws. The investigation is related to certain statements issued by the Company between July 10, 2012 and October 10, 2012 concerning OCZ's business, operations and prospects.
OCZ engages in the design, manufacture and distribution of high-performance solid-state storage solutions and premium computer components. The investigation is related to allegations that OCZ issued false and/or misleading statements or failed to disclose that: (1) the Company was providing extraordinary customer incentives in excess of what was normal and customary in the past; (2) the Company was improperly accounting for customer incentive programs; (3) as a result, the Company's financial results were misstated; (4) the Company lacked adequate internal and financial controls; and (5) as a result of the foregoing, the Company's positive statements about OCZ's business, operations and prospects lacked a reasonable basis.
On October 10, 2012 the Company announced its intent to file a Notification of Late Filing with the SEC, to extend the deadline to file OCZ's second quarter 2013 financial results. According to the Company, OCZ's second quarter 2013 “revenue will be materially lower than the September 5 preliminary revenue range of $110 to $120 million…principally due to the impact of customer incentive programs which were discovered subsequent to the preliminary announcement during the normal close process, and which the Company will be reporting as a material weakness in its Form 10-Q.” Moreover, the Company “also expects to report negative gross margins and a significant net loss” for second quarter 2013.
If you purchased OCZ securities between July 10, 2012 and October 10, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org.
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Todd M. Garber, Attorney at Law
Los Angeles, California