Law Offices of Howard G. Smith announces that investors of OCZ Technology Group, Inc. (“OCZ” or the “Company”) (NASDAQ:OCZ) have until December 10, 2012 to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Northern District of California 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”).
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 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.
If you are a member of the Class described above, you have certain rights, and have until December 10, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, or may retain counsel of your choice. If you wish to discuss this action or learn more concerning your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.