Glancy Binkow & Goldberg LLP announces that shareholders of OCZ Technology Group, Inc. (“OCZ” or the “Company”) (NASDAQ:OCZ) 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 seeking to pursue remedies under the federal securities laws.
The class action lawsuit was filed on behalf of a Class (the “Class”) comprising all persons or entities who purchased or otherwise acquired OCZ common stock and/or call options, or sold OCZ put options, between July 10, 2012 and October 10, 2012, inclusive (the “Class Period”). Investors who suffered large financial losses as a result of purchasing OCZ securities during the Class Period are encouraged to contact Glancy Binkow & Goldberg LLP for information concerning a lead plaintiff position in the securities fraud lawsuit.
OCZ engages in the design, manufacture and distribution of high-performance solid-state storage solutions and premium computer components. 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.
On October 10, 2012 the Company announced that it will file a Form 12b-25 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.
Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent class member. If you are a member of the Class described above and would like to learn more about these claims and your ability to become a lead plaintiff, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at 310-201-9150, Toll-Free at 888-773-9224, by e-mail to firstname.lastname@example.org or visit our website at http://www.glancylaw.com.
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