Lieff Cabraser Reminds OCZ Technology Group, Inc. Investors of Upcoming Deadline in Class Action Law
Nov 16th 2012 9:35AM
Updated Nov 16th 2012 9:40AM
Lieff Cabraser Reminds OCZ Technology Group, Inc. Investors of Upcoming Deadline in Class Action Lawsuits
SAN FRANCISCO--(BUSINESS WIRE)-- Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the December 10, 2012 deadline to move for appointment as lead plaintiff in the securities class litigation against OCZ Technology Group, Inc. ("OCZ" or the "Company") (NAS: OCZ) , brought on behalf of all persons or entities who purchased the securities of OCZ between July 10, 2012 and October 11, 2012, inclusive (the "Class Period").
If you purchased or otherwise acquired OCZ securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than December 10, 2012. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
OCZ shareholders who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon Lee of Lieff Cabraser toll-free at 1 (800) 541-7358.
The complaints charge OCZ and certain of its senior executives with violations of the Securities Exchange Act of 1934.
On September 5, 2012, OCZ significantly lowered its revenue forecast for the second quarter of fiscal year 2013 to between $110 million and $120 million, from earlier estimates of between $130 million and $140 million, due to supply constraints. Following this announcement, OCZ's stock price fell over 20% to close at $4.35 on September 6, 2012.
On October 10, 2012, OCZ announced that it was unable to timely file its Form 10-Q for the fiscal second quarter, that its revenue for the quarter would be materially lower than earlier estimates, and that it expected to report negative gross margins and a significant net loss for the quarter. Defendants attributed the revised revenue estimate and filing delay to the impact of customer incentive programs. On this news, OCZ's stock price fell another 40%, to close at $1.88.
Then, on October 11, 2012, defendants disclosed that OCZ required "additional time for compilation and review to insure adequate disclosure of certain information" in its second quarter Form 10-Q. On this news, OCZ's stock price fell approximately 3%, to close at $1.47 on October 12, 2012.
About Lieff Cabraser
Lieff Cabraser is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs' law firms in the nation. Lieff Cabraser is one of only two plaintiffs' law firms in the United States to receive this honor for the last ten consecutive years.
For more information about Lieff Cabraser and the firm's representation of investors, please visit http://www.lieffcabraser.com.
Lieff Cabraser Heimann & Bernstein, LLP
Sharon Lee, 415-956-1000
KEYWORDS: United States North America California
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