Second Investigation of OCZ From Block & Leviton …First one was by Law Offices of Howard G. Smith
This is a Press Release edited by StorageNewsletter.com on 2012.10.12
The investigation is related to allegations that certain statements issued by the company between July 10, 2012 and October 10, 2012 concerning OCZ's financial performance were knowingly false and misleading when made.
On Wednesday, October 10, 2012, the company issued a press release announcing that it was delaying the filing of its financial results for the second quarter of fiscal year 2013, which ended August 31, 2012. The press release also disclosed that the company's second quarter revenue will be "materially lower" than its previous guidance released on September 5, 2012, which was in the range of $110 to $120 million, "principally due to the impact of customer incentive programs," and that the company expects to report a "significant net loss."
Shortly after the release of this news, shares of OCZ dropped nearly 42% from a close of $3.15 on October 9, 2012 to close at $1.88 per share on October 10, 2012.
Block & Leviton's investigation seeks to determine, among other things, whether OCZ or its officers and directors have violated the Securities Exchange Act of 1934 or any other federal securities laws.