SOURCE: Saxena White P.A.
BOCA RATON, FL--(Marketwire - Oct 19, 2012) - Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the Northern District of California against OCZ Technology Group, Inc. ("OCZ" or the "Company") (NASDAQ: OCZ) on behalf of investors who purchased or otherwise acquired the common stock of the Company during the period from July 11, 2012 through October 9, 2012 (the "Class Period"). The complaint brings forth claims for violations of the Securities Exchange Act of 1934.
OCZ designs, manufactures and distributes enterprise and consumer solid state drives ("SSDs"). SSDs provide high-speed memory for computers. In addition to SSD technology, OCZ also offers other components for computing devices and systems including enterprise class power management products and industrial power accessories. The Company was founded in 2002 and is headquartered in San Jose, California.
The complaint alleges that, throughout the Class Period, the Company and certain of its executive officers ("Defendants") made materially false and misleading statements regarding the Company's business, operational and accounting practices, including the Company's accounting for customer incentive programs. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (i) that the Company's accounting for customer incentive programs was improper and misleading; (ii) that the Company lacked adequate internal and financial controls; and (iii) that, as a result of the above, the Company's financial statements were materially false and misleading at all relevant times and positive statements about OCZ's business prospects lacked a reasonable basis.
You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased OCZ stock between July 11, 2012 and October 9, 2012, inclusive, you may contact Joe White or Marc Grobler at Saxena White P.A. to discuss your rights and interests.
If you purchased OCZ common stock during the Class Period of July 11, 2012 through October 9, 2012, inclusive, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than December 10, 2012. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Saxena White P.A., located in Boca Raton, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.