Feeds

OCZ's SEC filing fail gives stockholders the fear

Even we don't understand our customer incentive scheme

Application security programs and practises

OCZ has announced that it won't be able to file its quarterly report with the SEC on time, leading to doubts about its cash position.

The struggling SSD and PCIe flash card vendor appears perhaps to have loosed off a shot or two into the vicinity of its foot by expanding too fast, failing to secure reliable NAND chip supplies, and reportedly mishandling its relationship with Seagate during rumoured acquisition talks, which collectively led to the ousting of CEO Ryan Petersen.

Under brand new CEO Ralph Schmitt, OCZ has disclosed it still cannot file its 10-Q quarterly report to the SEC:

It was unable to file its Form 10-Q for the second quarter of fiscal year 2013 (Q2'13), which ended on August 31, 2012, on time as the Company's financial statements are still under review. … While we are hopeful that the review will be completed in the near future, we cannot currently estimate the exact date. Thus we are also unable to estimate the filing date of the Form 10-Q.

The complicating factor is a set of customer incentive programmes, the cost of which are still unknown.

This 10-Q filing failing has increased doubts about the start-up's cash position, and investors have headed for the hills, dumping shares. They are now trading at $1.44, down from $3.275 on 9 October when the crisis broke, losing more than half their value, 56 per cent if you want to be picky, and taking the company's value below $100m.

In July they were trading at a peak of $7.08, making the company's market capitalisation five times lower now than it was back then and stockholders unhappy, to say the least.

Lawyers, feeding on the concerns of enraged stockholders, are circling like sharks as they scent a class-action feeding frenzy in the making. ®

Bridging the IT gap between rising business demands and ageing tools

More from The Register

next story
Apple fanbois SCREAM as update BRICKS their Macbook Airs
Ragegasm spills over as firmware upgrade kills machines
Auntie remains MYSTIFIED by that weekend BBC iPlayer and website outage
Still doing 'forensics' on the caching layer – Beeb digi wonk
Attack of the clones: Oracle's latest Red Hat Linux lookalike arrives
Oracle's Linux boss says Larry's Linux isn't just for Oracle apps anymore
THUD! WD plonks down SIX TERABYTE 'consumer NAS' fatboy
Now that's a LOT of porn or pirated movies. Or, you know, other consumer stuff
EU's top data cops to meet Google, Microsoft et al over 'right to be forgotten'
Plan to hammer out 'coherent' guidelines. Good luck chaps!
US judge: YES, cops or feds so can slurp an ENTIRE Gmail account
Crooks don't have folders labelled 'drug records', opines NY beak
Manic malware Mayhem spreads through Linux, FreeBSD web servers
And how Google could cripple infection rate in a second
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.