Lieff Cabraser Announces Class Action Lawsuits Against OCZ Technology Group, Inc.
The law firm of
Cabraser Heimann & Bernstein, LLP announces that class action
lawsuits have been brought on behalf of all persons or entities who
of OCZ Technology Group, Inc.
The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action lawsuits have been brought on behalf of all persons or entities who purchased the securities of OCZ Technology Group, Inc. (“OCZ” or the “Company”) (Nasdaq: OCZ) between July 10, 2012 and October 11, 2012, inclusive (the “Class Period”). If you purchased OCZ securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than December 10, 2012. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action. OCZ shareholders who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon Lee of Lieff Cabraser toll-free at 1 (800) 541-7358. Background on the OCZ Securities Class Litigation The complaints charge OCZ and certain of its senior executives with violations of the Securities Exchange Act of 1934. OCZ is a California-based company that designs, manufactures, and distributes solid state drives (SSDs) and related computer components. The complaints allege that, throughout the Class Period, defendants issued false and misleading statements regarding OCZ’s business, operational, and accounting practices and financial results. Specifically, defendants failed to disclose (i) that OCZ’s accounting for customer incentive programs was improper and misleading, (ii) that the Company lacked adequate internal and financial controls, and (iii) that, as a result of the foregoing, OCZ’s financial statements and projections regarding its business prospects during the Class Period lacked any reasonable basis in fact. On September 5, 2012, OCZ significantly lowered its revenue forecast for the second fiscal quarter of 2013 to between $110 million and $120 million, from earlier estimates of between $130 million and $140 million. Defendants attributed the lowered guidance to supply constraints. Following this announcement, the price of OCZ common stock fell $1.01 per share, or more than 20%, to close at $4.35 on September 6, 2012.