Lawsuit Overview
Settlement Overview
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March 11, 2016 - The court ordered the authorization of the distribution of the net settlement fund.
September 21, 2015 - The court entered the order awarding attorneys’ fees and expenses.
April 15, 2015 - The court preliminarily approved the settlement.
April 13, 2015 - Parties filed an amended stipulation of settlement.
April 9, 2015 - The court ordered to file a revised stipulation of settlement.
November 26, 2013 - Parties filed a stipulation of settlement.
March 5, 2013 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased OCZ Technology Group Inc (NASDAQ: OCZ) common shares between July 6, 2011 and January 22, 2013. The plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between July 6, 2011 and January 22, 2013.
January 4, 2013 - The court filed an amended order consolidating cases and appointing lead plaintiffs and lead counsel.
January 3, 2013 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.
December 11, 2012 - Another lead plaintiff motion was filed.
December 10, 2012 - Lead plaintiff motions were filed.
October 11, 2012 - An investor in shares of OCZ Technology Group Inc (NASDAQ: OCZ) filed a lawsuit in the U.S. District Court for the Northern District of California against OCZ Technology Group Inc over alleged securities laws violations in connection with certain allegedly false and misleading statements.
According to the complaint the plaintiff alleges on behalf of purchasers of OCZ Technology Group Inc (NASDAQ: OCZ) securities during the period of July 10, 2012 and October 10, 2012, that OCZ Technology Group Inc (NASDAQ: OCZ) and certain of its executive officers allegedly made false and/or misleading statements and/or failed to disclose that OCZ Technology Group Inc was providing extraordinary customer incentives in excess of what was normal and customary in the past, that OCZ Technology Group Inc was improperly accounting for customer incentive programs, that as a result, OCZ Technology Group’s financial results were misstated between July 10, 2012 and October 10, 2012, that OCZ Technology Group Inc lacked adequate internal and financial controls, that as a result, defendants’ statements were allegedly materially false and misleading, and that as a result of the foregoing, defendants’ positive statements about that OCZ Technology Group’s business, operations and prospects lacked a reasonable basis.
On September 5, 2012, OCZ Technology Group Inc announced that for the 2013 fiscal second quarter, which ended on August 31, 2012, it expected preliminary revenue to be approximately $110 to $120 million, compared to the previously guided revenue range of $130 to $140 million.
Then on October 10, 2012, before the market opened, OCZ Technology Group Inc (NASDAQ: OCZ), announced that it will file a Notification of Late Filing with the Securities and Exchange Commission that allows the Company to extend the deadline to file its Form 10-Q for the second quarter of fiscal year 2013 (Q2'13), which ended on August 31, 2012. OCZ Technology Group Inc said its financial statements are still under review.
Shares of OCZ Technology Group Inc (NASDAQ: OCZ) dropped from $3.16 per share on October 9, 2012, to $1.81 per share on October 10, 2012.
NASDAQ: OCZ shares continued to decline and traded on October 12, 2012 at slightly above $1.50 per share, which is significantly less than its 52 week High of $10.05 per share.