NEW YORK, Oct. 15, 2012 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the USDC for the ND of California on behalf of investors who acquired OCZ Technology Group, Inc. (Nasdaq:OCZ) securities between July 10, 2012 and October 10, 2012.
For more information, click here: http://zlk.9nl.com/OCZ.
According to the complaint, OCZ concealed from the investing public that OCZ: (a) provided extraordinary customer incentives unlike what has been previously given; (b) failed to properly account for said customer incentive programs; (c) did not have sufficient internal and financial controls; and (d) as a result of the following, defendants' positive statements regarding the Company's business, operations and prospects lacked a reasonable basis.
On October 10, 2012 the Company announced that its second quarter 2013 revenue will be materially lower than the prior guidance range of $110 to $120 million 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 stated that it expected to report negative gross margins and a significant net loss for second quarter 2013.
As a result, the Company's shares dropped $1.27 per share, or more than 40%, to close on October 10, 2012 at $1.88 per share.
If you suffered a loss in OCZ you have until December 11, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/OCZ.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.comSource:Levi & Korsinsky, LLP