OCZ Technology Delays Filings Again

Before you go, we thought you'd like these...
Before you go close icon

Solid-state drive maker OCZ Technology Group Inc. (NASDAQ: OCZ) said today that it "cannot currently estimate the exact filing date of the Form 10-Q for the quarter ended August 31, 2012." Earlier this week the company sought an extension beyond its originally planned filing date of October 10th.

The company attributes the delay to "the impact of customer incentive programs which were discovered during the normal close process." That's an odd way of stating the issue. Does OCZ mean that "the impact" was discovered or that "the programs" were discovered. If the former, then OCZ's sales staff probably got a little too generous with sales incentives. If the latter, it could mean that the sales force was playing fast and loose with sales incentives.

Either way, the company is collecting a batch of class action lawsuits and the share price is shrinking at an alarming rate.

Shares are down about 19% today, at $1.51 after posting a new 52-week low of $1.46 earlier. The prior 52-week range was $1.80 to $10.05. That low was set on Wednesday.

Paul Ausick

Read Full Story


DJIA 20,624.05 4.28 0.02%
NASDAQ 5,838.58 23.68 0.41%
S&P 500 2,351.16 3.94 0.17%
DAX 11,757.02 -0.22 0.00%
NIKKEI 225 19,251.08 16.46 0.09%
HANG SENG 24,141.67 107.93 0.45%
USD (per EUR) 1.06 0.00 -0.10%
USD (per CHF) 1.00 0.00 0.12%
JPY (per USD) 113.10 0.20 0.17%
GBP (per USD) 1.24 0.00 0.01%

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners