OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that on November 15, 2012, OCZ Technology (the "Company") received a letter from the Securities and Exchange Commission ("SEC") indicating that they are conducting an investigation. As part of this notification, the Company also received a subpoena requesting certain documents and information generally related to its press releases on September 5, 2012 and October 10, 2012, and the financial reporting for customer incentive programs, among other matters.
Ralph Schmitt, president and chief executive officer, noted that, "Since we delayed the filing of our second quarter 10-Q, we had proactively contacted the Commission and have been expecting them to conduct an investigation. We intend to cooperate fully regarding this non-public, fact-finding inquiry and are also continuing with our own internal investigation as previously announced."
The SEC has informed the Company that this inquiry should not be construed as an indication that any violations of law have occurred or that the SEC has any negative opinion of any person, entity or security. The Company is unable to predict what action, if any, might be taken in the future by the SEC as a result of the matters that are the subject of the subpoena. The Company does not intend to comment further on this matter unless and until this matter is closed or further action is taken by the SEC which, in the Company's judgment, merits further comment or public disclosure.
Latest News Posts
- Battlegrounds physical copy teased for Xbox One
- Gears of War 4 to release Halloween Event and Update
- Star Wars The Last Jedi is expected to make $760 million
- GIGABYTE reveal the AORUS X9 gaming laptop
- ASUS announce ROG Strix X370-I & B350-I motherboards
- ADATA XPG SX950 480GB SATA III SSD Review
- Lenovo Legion Y920 (Kaby Lake) Gaming Laptop Review
- Gigabyte Z97 Gaming GT: PCIe slots 3.0 that working only at 1.0 with an ASUS Hyper M.2 x4 expansion card
- Gigabyte Z97X Gaming GT: PCIe 3.0 that work only at 1.0 with Asus Hyper m.2 x 4 card
- Gigabyte AB-350 G3 CPU LED & No POST after update ->rollback?
- Introducing the CYBERPOWERPC Crystal Gaming Series Powered By CORSAIR
- COLORFUL Officially Releases iGame Z370 Vulcan X Motherboard in South Korea
- G.SKILL Releases DDR4-3800MHz 32GB (4x8GB) SO-DIMM Memory Kit for Mini-ITX Motherboards
- EK Water Blocks releases new Slim Series kits
- BIOSTAR releases new RACING Z370GT7 motherboard