NEW YORK, Oct. 16, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at OCZ Technology Group, Inc. ("OCZ" or the "Company") (NasdaqCM: OCZ).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company was providing unusual customer incentives in excess of past norms; (2) the Company was improperly accounting for its customer incentive policies; and (3) the Company lacked adequate internal and financial controls.
On October 10, 2012 OCZ announced that it was delaying the filing of its financial results for the second quarter of fiscal year 2013, which ended August 31, 2012. According to the Company, OCZ's second quarter revenue will be "materially lower" than its previous guidance of revenue in the range of $110 to $120 million, which was issued September 5, 2012, "principally due to the impact of customer incentive programs," and that the Company also expects to report a "significant net loss" for second-quarter 2013.
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If you purchased OCZ stock or options between July 10, 2012 and October 10, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/OCZ. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding OCZ's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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