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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