OCZ Technology Group, Inc
Robbins Umeda LLP Announces an Investigation of OCZ Technology Group, Inc.
Robbins Umeda LLP is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at OCZ Technology Group, Inc. (NASDAQCM: OCZ). Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
Robbins Umeda LLP is investigating whether officers and directors of OCZ breached their fiduciary duties to shareholders by permitting and failing to correct insufficient controls and improper procedures that led to the disclosure of false and/or misleading statements. On September 5, 2012, the company announced that for the 2013 fiscal second quarter, which ended on August 31, 2012, it expected preliminary revenue to be approximately $110 to $120 million, compared to the previously guided revenue range of $130 to $140 million. On this news, OCZ shares declined $1.01 per share, or 18.84% to close on September 6, 2012, at $4.35 per share.
On October 10, 2012, in a press release, OCZ announced that it will file a Form 12b-25, Notification of Late Filing with the U.S. Securities and Exchange Commission, to extend the deadline to file OCZ’s second quarter 2013 financial results, the company noted that it could not estimate the exact filing of its Form 10-Q for the quarter ended August 31, 2012. According to the company, OCZ’s second quarter of fiscal year 2013 “revenue will be materially lower than the September 5th preliminary revenue range of $110 to $120 million” the delay is “principally 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.” Additionally, OCZ “also expects to report negative gross margins and a significant net loss” for second quarter 2013. On this news, the company’s shares declined $1.27 per share, or more than 40%, to close on October 10, 2012 at $1.88 per share.
Robbins Umeda LLP highlights concerned OCZ shareholders have several potential options available to them. Remedies commonly sought in the firm’s actions include corporate governance reforms designed to prevent future misconduct, removal of officers or directors whose misconduct injured the corporation, and monetary payments in the form of damages and disgorgement of ill-gotten gains.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.