OCZ Technology Delays Filings Again
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…
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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
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
