Feeds

OCZ's SEC filing fail gives stockholders the fear

Even we don't understand our customer incentive scheme

Internet Security Threat Report 2014

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. ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Docker's app containers are coming to Windows Server, says Microsoft
MS chases app deployment speeds already enjoyed by Linux devs
Intel, Cisco and co reveal PLANS to keep tabs on WORLD'S MACHINES
Connecting everything to everything... Er, good idea?
SDI wars: WTF is software defined infrastructure?
This time we play for ALL the marbles
'Urika': Cray unveils new 1,500-core big data crunching monster
6TB of DRAM, 38TB of SSD flash and 120TB of disk storage
Facebook slurps 'paste sites' for STOLEN passwords, sprinkles on hash and salt
Zuck's ad empire DOESN'T see details in plain text. Phew!
'Hmm, why CAN'T I run a water pipe through that rack of media servers?'
Leaving Las Vegas for Armenia kludging and Dubai dune bashing
Windows 10: Forget Cloudobile, put Security and Privacy First
But - dammit - It would be insane to say 'don't collect, because NSA'
Oracle hires former SAP exec for cloudy push
'We know Larry said cloud was gibberish, and insane, and idiotic, but...'
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.