Solid-state drive maker OCZ Technology Group Inc. (NASDAQ: OCZ) said today that it "cannot currently estimate the exact filing date of the Form 10-Q for the quarter ended August 31, 2012." Earlier this week the company sought an extension beyond its originally planned filing date of October 10th.
The company attributes the delay to "the impact of customer incentive programs which were discovered during the normal close process." That's an odd way of stating the issue. Does OCZ mean that "the impact" was discovered or that "the programs" were discovered. If the former, then OCZ's sales staff probably got a little too generous with sales incentives. If the latter, it could mean that the sales force was playing fast and loose with sales incentives.
Either way, the company is collecting a batch of class action lawsuits and the share price is shrinking at an alarming rate.
Shares are down about 19% today, at $1.51 after posting a new 52-week low of $1.46 earlier. The prior 52-week range was $1.80 to $10.05. That low was set on Wednesday.