November 21, 2012 / 9:46 PM / 5 years ago

Hard drive maker OCZ says facing SEC probe

Nov 21 (Reuters) - OCZ Technology Group Inc said it is being investigated by the Securities and Exchange Commission, and it received a subpoena requesting certain documents and information related to its Sep. 5 and Oct. 10 announcements.

The solid-state hard drive maker said on Sep. 5 that it expects revenue for the second quarter to fall below its forecast as a shortage of certain components hurt production.

OCZ on Oct. 10 said it was deferring reporting second-quarter results, and that quarterly revenue would be “materially lower” than its Sep. 5 forecast.

“Since we delayed the filing of our second quarter 10-Q, we had proactively contacted the Commission and have been expecting them to conduct an investigation,” Chief Executive Ralph Schmitt said in a statement on Wednesday.

Shares of the company, which have lost 62 percent of their value since Oct. 10, closed unchanged at $1.19 on the Nasdaq on Wednesday.

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