ENGLEWOOD CLIFFS, N.J., Oct. 12, 2012 (GLOBE NEWSWIRE) -- Gardy & Notis, LLP has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased or otherwise acquired common stock issued by OCZ Technology Group, Inc. ("OCZ") (Nasdaq:OCZ) between July 10, 2012 and October 10, 2012 inclusive (the "Class Period"). For more information, call or email Jennifer Sarnelli at 201-567-7377 or jsarnelli@gardylaw.com.
OCZ made false and misleading statements about its fiscal second quarter financial results. Specifically, OCZ told investors that its net revenue would be in the range of $130 to $140 million. On October 10, 2012, OCZ announced that the previously announced preliminary fiscal second quarter results were not accurate and that it would not be timely filing its Form 10Q with the SEC. OCZ said that the revenue would be materially lower than previously announced because of the impact of customer incentive programs that were in excess of what is normal and customary. As a result of this news the price of OCZ shares plummeted that day more than 45%, and over 69% from the start of the Class Period, to as low as $1.80 per share – a two-year low – on heavy trading volume.
The class action seeks to recover damages on behalf of plaintiff and a class of all other investors who purchased or acquired shares of OCZ common stock between July 10, 2012 and October 10, 2012 inclusive. The defendants in the case are OCZ, OCZ's former CEO and OCZ's CFO. The legal claims are based on violations of the Securities Act of 1934. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Gardy & Notis, which prosecutes shareholder class actions nationwide.
If you purchased or acquired OCZ common stock between July 10, 2012 and October 10, 2012 inclusive, you may, no later than December 11, 2012, request that the Court appoint you as lead plaintiff for the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. You must meet certain legal requirements to serve as a lead plaintiff.
For more information regarding the lawsuit, to learn how you can join the class, or to obtain a copy of the complaint filed in the lawsuit, please contact Jennifer Sarnelli at Gardy & Notis, LLP at 201-567-7377 or jsarnelli@gardylaw.com.