Not all has been well in paradise during the past few monthsNowadays, we know OCZ as one of the many suppliers of solid-state storage products, but soon it may become known worldwide for other things, things not very reputable.
As these things go, the second quarter of the fiscal year isn't the same as that of the calendar year.
Whereas Q2 normally means April-June, OCZ's FY Q212 ended on August 31.
The company should have filed its results by now, but it said, two days ago (October 10), that it would delay doing so.
More importantly, it had to admit that its revenue for the period will be “materially lower” than expected.
This would not have been an issue under normal circumstances. Companies fail to perform as well as they hoped quite often. Alas, the guidance was released on September 5, not before the start of the quarter.
Thus, it is believed that the company may have issued some knowingly false and misleading statements between July 10, 2012 and October 10, 2012, concerning its financial results during the FY Q2.
Block & Leviton LLP, a Boston-based law firm representing investors nationwide, is investigating the company and its officers and directors, to determine if the Securities Exchange Act of 1934, or other federal securities laws, have been broken.