SOURCE: OCZ Technology Group, Inc.

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November 07, 2013 16:15 ET

OCZ Resolves Remaining Shareholder Derivative Legal Matters

SAN JOSE, CA--(Marketwired - November 07, 2013) - OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid state drives (SSDs) for computing devices and systems, today announced further progress in resolving outstanding legal issues.

Three shareholder derivative actions filed in California state court recently were dismissed with prejudice pursuant to stipulation and order. The dismissals of these actions occurred after final approval of the settlement in the federal shareholder derivative action. On October 17, 2013, the United States District Court for the Northern District of California granted final approval of the previously announced settlement of the consolidated federal shareholder derivative litigation captioned In re OCZ Technology Group, Inc. Shareholder Derivative Litigation, Lead Case No. 12-cv-05556-RS, and entered an order dismissing the federal derivative action with prejudice. There are no more shareholder derivative actions pending.

Forward-Looking Statements

Certain statements in this release relate to future events and expectations and as such may constitute forward-looking statements involving known and unknown factors that may cause actual results of OCZ Technology Group, Inc. to be different from those expressed or implied in the forward-looking statements. It is important to note that actual results of OCZ or outcomes may differ materially from those described or implied in such forward-looking statements based on a number of factors and uncertainties. Other factors are described in more detail in "Item 1A -- Risk Factors" in Part I in OCZ's Annual Report on Form 10-K filed with the SEC on October 7, 2013, and statements made in other subsequent filings. The filing is available both at www.sec.gov as well as via OCZ's website at www.ocz.com. OCZ does not undertake to update its forward-looking statements.

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