Key Developments: OCZ Technology Group Inc (OCZ.W)
1.41USD
19 Jun 2013
$-0.02 (-1.40%)
$1.43
$1.44
$1.44
$1.41
800
2,290
$7.61
$1.12
Latest Key Developments (Source: Significant Developments)
OCZ Technology Group Inc And Accusys Inc. Extend Partnership With New SSD Qualification For ExaSAN 8-Bay DAS Systems
OCZ Technology Group Inc and Accusys Inc jointly announced an extended strategic partnership that provides the Accusys ExaSAN 8-bay RAID system (Model B08S2-P2) with new Deneva 2 storage capacity options. In addition to the 480GB Deneva 2 SSD initially qualified on the ExaSAN B08S2-P2 DAS platform, a smaller 240GB Deneva 2 capacity option is now qualified for customer selection. Full Article
OCZ Technology Group Inc Appoints Rafael Torres As CFO
OCZ Technology Group Inc (OCZ) announced the appointment of Rafael Torres as Chief Financial Officer (CFO) reporting directly to Ralph Schmitt, Chief Executive Officer (CEO) effective immediately. Torres, joins OCZ with over 15 years of experience as a senior in finance and over 10 years serving as CFO. Torres replaces Arthur Knapp, who is leaving the Company to begin his retirement. Full Article
OCZ Technology Group Inc Announces Completion Of Investigation; Plans Restatement of Financial Statement
OCZ Technology Group Inc announced that the Audit Committee's investigation, assisted by third party legal and financial advisors, has been substantially completed and a preliminary report has been provided to the Audit Committee. While there continue to be various matters requiring further investigation, the Company believes they will be concluded shortly. The Audit Committee has approved this report and, in consultation with management, concluded that the Company should restate the results for first quarter of fiscal 2013, as well as the results for certain quarters of fiscal 2012 and for fiscal 2012. The restatements primarily relate to the timing of revenue recognition, the classification of certain customer incentive costs and for the level of reserves for product returns. The number of prior periods affected and the impact of the adjustments will be disclosed in more detail in the Company's restated financial statements, which will be provided as soon as practical. The Board and management are in discussions with Crowe Horwath LLP, the Company's independent auditors regarding the matters identified in the investigation. Until the restatements are released, in addition to the financial statements for the periods referenced above, related press releases and shareholder communications describing its financial statements and the report of Crowe Horwath LLP related to the financial statements as of and for the year ended February 29, 2012 should no longer be relied upon. Full Article
Hagens Berman Investigates OCZ Technology Group Inc Following Disclosure of SEC Probe, Reminds Investors of Dec. 11, 2012, Lead Plaintiff Deadline
Hagens Berman Sobol Shapiro, LLP, a national investor-rights law firm, announced further investigation of OCZ Technology Group Inc following the Company's disclosure of an SEC subpoena and investigation into possible securities law violations. The firm also notified investors of the Dec. 11, 2012, deadline to move for lead plaintiff in class-action lawsuits filed against OCZ. Multiple lawsuits have been filed in the United States District Court for the Northern District of California, alleging that OCZ made false or misleading statements to investors prior to announcing its preliminary revenues for the 2nd quarter of the 2013 fiscal year on Sept. 5, 2012. Following OCZ’s revenue announcement, the Company’s stock price fell more than 18%. On Sept. 17, 2012, the Company announced the resignation of its President, Ryan M. Peterson, and the price declined again, down an additional 7%. On Oct. 10, 2012, OCZ disclosed that revenue for the second quarter “will be materially lower than the September 5th preliminary revenue range...principally due to the impact of customer incentive programs.” The deadline to move for lead plaintiff in the lawsuits is Dec. 11, 2012. The deadline is only for those who wish to move for lead plaintiff in the proposed class action. The Court appoints as lead plaintiff the individual or group with the largest losses and who otherwise meets the requirements of an appropriate class representative. Full Article
Law Offices of Todd M. Garber Announces Lead Plaintiff Deadline In Class Action Lawsuit OCZ Technology Group Inc
The Law Offices of Todd M. Garber announced that shareholders of OCZ Technology Group Inc have until December 10, 2012 to move for lead plaintiff status in the shareholder lawsuit filed in the United States District Court for the Northern District of California. The lawsuit was filed on behalf of a class (the Class) comprising all persons or entities who purchased the securities of OCZ between July 10, 2012 and October 11, 2012, inclusive (the Class Period). The Complaint alleges that throughout the Class Period the Company and certain of its executive officers made false and/or misleading statements and/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 during the Class Period; (4) the Company lacked adequate internal and financial controls; (5) as a result, defendants’ statements were materially false and misleading; and (6) as a result of the foregoing, defendants’ positive statements about OCZ’s business, operations and prospects lacked a reasonable basis. Full Article
Law Offices Of Todd M. Garber Announces Class Action Lawsuit Against OCZ Technology Group Inc
The Law Offices of Todd M. Garber announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of a class comprising all persons or entities who purchased the securities of OCZ Technology Group, Inc. between July 10, 2012 and October 10, 2012, inclusive. The Complaint alleges that throughout the Class Period the Company and certain of executive officers made false and/or misleading statements and/or failed to disclose that the Company was providing extraordinary customer incentives in excess of what was normal and customary in the past; the Company was improperly accounting for customer incentive programs; as a result, the Company's financial results were misstated during the Class Period; the Company lacked adequate internal and financial controls; as a result, defendants' statements were materially false and misleading; and as a result of the foregoing, defendants' positive statements about OCZ's business, operations and prospects lacked a reasonable basis. Full Article
Lieff Cabraser Announces Class Action Lawsuits Against OCZ Technology Group Inc
The law firm of Lieff Cabraser Heimann & Bernstein, LLP announced that class action lawsuits have been brought on behalf of all persons or entities who purchased the securities of OCZ Technology Group, Inc. (OCZ or the Company) between July 10, 2012 and October 11, 2012, inclusive (the Class Period). The complaints charge OCZ and certain of its senior executives with violations of the Securities Exchange Act of 1934. OCZ is a California-based company that designs, manufactures, and distributes solid state drives (SSDs) and related computer components. The complaints allege that, throughout the Class Period, defendants issued false and misleading statements regarding OCZ`s business, operational, and accounting practices and financial results. Specifically, defendants failed to disclose that OCZ`s accounting for customer incentive programs was improper and misleading, that the Company lacked adequate internal and financial controls, and that, as a result of the foregoing, OCZ`s financial statements and projections regarding its business prospects during the Class Period lacked any reasonable basis in fact. Full Article
Cohen Milstein Sellers & Toll PLLC Announces Investigation Of OCZ Technology Group, Inc.
Cohen Milstein Sellers & Toll PLLC announced that it is conducting an investigation to determine whether OCZ Technology Group, Inc. and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Several class action lawsuits were filed in the U.S. District Court for the Northern District of California by other law firms on behalf of purchasers of the common stock of OCZ Technology Group, Inc. between July 10, 2012 and October 11, 2012, inclusive (the Class Period). The complaints allege that OCZ Technology Group, Inc. and certain of its officers and directors (“Defendants”) misrepresented and/or failed to disclose that: (1) OCZ was providing extraordinary customer incentives in excess of what was normal and customary in the past; (2) OCZ was improperly accounting for customer incentive programs; (3) the Company's financial results were misstated during the Class Period; (4) OCZ lacked adequate internal and financial controls; and (5) as a result of the foregoing, Defendants’ positive statements about OCZ's business, operations and prospects lacked a reasonable basis. Full Article
Law Offices of Todd M. Garber Announces Investigation Of OCZ Technology Group Inc
The Law Offices of Todd M. Garber announced that it is investigating potential claims against OCZ Technology Group, Inc. 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. Full Article
Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against OCZ Technology Group, Inc.
Robbins Geller Rudman & Dowd LLP announced that a class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of OCZ Technology Group, Inc. (OCZ) common stock during the period between July 10, 2012 and October 11, 2012 (the Class Period). Full Article
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