OCZ Technology Group Inc. (NASDAQ:OCZ) Shareholder Class Action Lawsuit

An investor in OCZ Technology Group, Inc. (NASDAQ:OCZ) deemed it necessary to file a lawsuit against the company for alleged violations of United States’ securities laws. The lawsuit that was filed in the U.S. District Court for the Northern District of California alleges that OCZ Technology Group, Inc. made public statements that were inaccurate and fraudulent. 

If you have purchased shares of OCZ Technology Group Inc. (NASDAQ:OCZ) between July 10, 2012 and October 10, 2012, call 1-800-934-2921 right now to protect your rights.

Filing deadline:  12/10/2012

The investor filed the lawsuit on behalf of all those who purchased OCZ Technology Group, Inc. (NASDAQ:OCZ) securities between July 10, 2012 and October 10, 2012. The lawsuit is specifically alleging that OCZ Technology Group, Inc. (NASDAQ:OCZ) and some of the executive officers are responsible for making statements that were untrue and/or deceitful. It also alleges that the company and some of the executive officers deliberately failed to inform the public that OCZ Technology Group, Inc. was not performing its accounting duties for its consumer incentive program correctly. Because of this faulty accounting, the company gave inaccurate financial statements between the dates of July 10, 2012 and October 10, 2012. Furthermore, the plaintiff alleges that OCZ Technology Group, Inc. does not have sufficient internal and financial controls, and this caused it to release the untrue and misleading statements. The lawsuit states that because the company released misleading statements due to the inaccurate information it received from its accountants, the truthfulness of the statements people at the company made about the business, how the company is being operated and the positive direction that it would be going in the future could not be reasonably believed. 

OCZ Technology Group, Inc. announced its expectations on September 5, 2012 for the 2013 second fiscal quarter that ended on August 31, 2012. In the announcement, the company stated that preliminary revenue is expected to be around $110 million to $120 million. Previously, the amounts were in the $130 million to $140 million range. 

Then, OCZ Technology Group, Inc. (NASDAQ:OCZ) made another announcement before the markets opened on October 10, 2012. The company announced that it would need to file a Notification of Late Filing with the Securities and Exchange Commission in order to receive more time to file the 10-Q for the aforementioned 2013 second fiscal quarter. The company stated that it is reviewing its financial statements. 

On October 10, 2012, OCZ Technology Group, Inc. (NASDAQ:OCZ) stock fell to $1.81 a share from $3.16 a share the day before. 

The NASDAQ:OCZ shares continued on their downward spiral on October 12, 2012 to $1.50 a share. The stock’s 52-week high was $10.05 a share. 

Own shares of OCZ Technology Group Inc. (NASDAQ:OCZ)? Contact us to protect your rights.

If you have purchased shares of OCZ Technology Group Inc. (NASDAQ:OCZ) between July 10, 2012 and October 10, 2012, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights. 

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