This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Hagens Berman Investigates OCZ Technology Group Following Disclosure Of SEC Probe, Reminds Investors Of Dec. 11, 2012, Lead Plaintiff Deadline

Hagens Berman Sobol Shapiro, LLP, a national investor-rights law firm, today announced further investigation of OCZ Technology Group, Inc. (NASDAQ: OCZ) (“OCZ”) following the company’s disclosure of an SEC subpoena and investigation into possible securities law violations. The firm also notified investors of the Dec. 11, 2012, deadline to move for lead plaintiff in class-action lawsuits filed against OCZ.

Investors who purchased OCZ securities between July 10, 2012, and Oct. 11, 2012 (the “Class Period”) are encouraged to contact the firm. Investors can reach Hagens Berman partner Reed R. Kathrein, who is leading Hagens Berman’s investigation, by calling (510) 725-3000 or by emailing OCZ@hbsslaw.com.

Multiple lawsuits have been filed in the United States District Court for the Northern District of California, alleging that OCZ made false or misleading statements to investors prior to announcing its preliminary revenues for the 2 nd quarter of the 2013 fiscal year on Sept. 5, 2012. Following OCZ’s revenue announcement, the company’s stock price fell more than 18 percent. On Sept. 17, 2012, the company announced the resignation of its President, Ryan M. Peterson, and the price declined again, down an additional 7 percent.

On Oct. 10, 2012, OCZ disclosed that revenue for the second quarter “will be materially lower than the September 5th preliminary revenue range...principally due to the impact of customer incentive programs.”

On Nov. 21, 2012, OCZ revealed that it was notified on Nov. 15, 2012, by the Securities and Exchange Commission that it was “conducting an investigation,” and that as part of that investigation, “the Company also received a subpoena requesting certain documents and information generally related to its press releases on Sept. 5, 2012, and Oct. 10, 2012, and the financial reporting for customer incentive programs, among other matters.” OCZ stock has dropped an additional 9 percent in after-hours trading to $1.08.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,078.37 +54.31 0.30%
S&P 500 2,114.91 +6.62 0.31%
NASDAQ 5,021.9030 +16.5120 0.33%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs