Shareholders Foundation, Inc.

Deadline Upcoming in Settlement in the Investor Lawsuit Against OCZ Technology Group Inc (NASDAQ:OCZ)

A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of OCZ Technology Group Inc (NASDAQ:OCZ) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on August 13, 2015 and NASDAQ:OCZ investors should contact the Shareholders Foundation.

 

San Diego, CA -- (SBWIRE) -- 08/19/2015 -- A deadline is coming up on August 13, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of OCZ Technology Group Inc (NASDAQ: OCZ) between April 24, 2008 to July 22, 2009.

Investors who purchased a significant amount of shares of OCZ Technology Group Inc (NASDAQ:OCZ) between April 24, 2008 to July 22, 2009,have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The settlement proof of claim form or detailed settlement notice for the settlement in the OCZ Technology Group Inc (NASDAQ:OCZ) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/ocz-technology-group-inc-nasdaq-ocz-investor-securities-class-action-lawsuit-10112012

In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is August 13, 2015. The class action administrator for this case is Epiq Systems, Inc.

The lawsuit was originally filed in the U.S. District Court for the Northern District of California against OCZ Technology Group Inc over alleged securities laws violations in connection with certain allegedly false and misleading statements. According to the complaint the plaintiff alleges on behalf of purchasers of OCZ Technology Group Inc (NASDAQ:OCZ) securities during the period of July 10, 2012 and October 10, 2012, that OCZ Technology Group Inc (NASDAQ:OCZ) and certain of its executive officers allegedly made false and/or misleading statements and/or failed to disclose that OCZ Technology Group Inc was providing extraordinary customer incentives in excess of what was normal and customary in the past, that OCZ Technology Group Inc was improperly accounting for customer incentive programs, that as a result, OCZ Technology Group's financial results were misstated between July 10, 2012 and October 10, 2012, that OCZ Technology Group Inc lacked adequate internal and financial controls, that as a result, defendants' statements were allegedly materially false and misleading, and that as a result of the foregoing, defendants' positive statements about that OCZ Technology Group's business, operations and prospects lacked a reasonable basis.

On September 5, 2012, OCZ Technology Group Inc 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.

Then on October 10, 2012, before the market opened, OCZ Technology Group Inc (NASDAQ:OCZ), announced that it will file a Notification of Late Filing with the Securities and Exchange Commission that allows the Company to extend the deadline to file its Form 10-Q for the second quarter of fiscal year 2013 (Q2'13), which ended on August 31, 2012. OCZ Technology Group Inc said its financial statements are still under review.

Shares of OCZ Technology Group Inc (NASDAQ:OCZ) dropped from $3.16 per share on October 9, 2012, to $1.81 per share on October 10, 2012.

NASDAQ:OCZ shares continued to decline and traded on October 12, 2012 at slightly above $1.50 per share, which is significantly less than its 52 week High of $10.05 per share.

OCZ Technology Group Inc, located in San Jose, CA, is a manufacturer of high performance client and enterprise solid-state storage products. The Company also offers flash-based hardware and software storage solutions for enterprise database, email exchange, virtualization, VDI, big data and cloud computing applications.

Those who purchased shares of OCZ Technology Group Inc (NASDAQ:OCZ) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com