Memory giant, OCZ are under investigation by an American attorney after reports that they have sent false and misleading information to their public investors regarding sales processes and revenues. The report also claims that the group were rebating customers as ‘incentives’ in order to obtain further sales from them.
Since the start of the investigation, OCZ’s share prices (Nasdaq: OCZ) have started to take a tumble and prices have fallen from a high of around $1.35 last Wednesday to a current low of $1.17. Whether this is due to current investors seeing the news and pulling out is yet to be confirmed, but what is clear is that OCZ are in some very troubled waters.
OCZ have made revisions to some of their documents with with revenue guidance being revised with a drop in $20m USD being applied to their revenue for the second quarter of 2013 and a delay has also been seen for the filing of form 10-Q for the second quarter of this year, which ended on August 31st.
Source: Yates Class Action Law