BENSALEM, Pa.--(BUSINESS WIRE)-- Law Offices of Howard G. Smith announces that it is investigating potential claims against OCZ Technology Group, Inc. (“OCZ” or the “Company”) (NASDAQ:OCZ) concerning possible violations of federal securities laws. The investigation is related to allegations that certain statements issued by the Company between July 10, 2012 and October 10, 2012 concerning OCZ’s business and financial performance were false and misleading.
OCZ engages in the design, manufacture and distribution of solid state drives (SSD) and computer components, primarily in the United States, Canada, the Middle East, Africa, Germany and other European countries. The Company specializes in high-speed memory for the enterprise and consumer SSD markets. The investigation is related to the Company’s October 10, 2012 announcement that it was delaying the filing of its financial results for the second quarter of fiscal year 2013, which ended August 31, 2012. A Company-issued press release disclosed that 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.
Following this news, the price of OCZ shares plummeted more than 41%, to as low as $1.80 per share – a two-year low -- on heavy trading volume.
If you purchased OCZ securities between July 10, 2012 and October 10, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or 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.
Source: Law Offices of Howard G. Smith