STEVENSON, Md., Oct. 24, 2012 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of a class comprising all persons or entities who purchased or otherwise acquired OCZ Technology Group, Inc. ("OCZ" or the "Company") (Nasdaq:OCZ) common stock and/or call options, or sold OCZ put options, between July 10, 2012 and October 11, 2012, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in OCZ Technology Group, Inc. during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at http://www.browerpiven.com/">www.browerpiven.com, by email at mailto:hoffman@browerpiven.com">hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 10, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company was providing extraordinary customer incentives in excess of what was normal and customary in the past and improperly accounting for those customer incentive programs. According to the complaint, after, on October 10, 2012, the Company announced that revenue for the quarter ending August 31, 2012 would be materially lower than the Company had projected principally due to the impact of customer incentive programs and that delayed financial results were expected to show a significant net loss, the value of OCZ shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.