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News Breaks | | | | September 18, 2012 | | 11:05 EDT |  | OCZ | OCZ Technology sinks after CEO departs though analyst views differ
Solid state drive maker OCZ Technology (OCZ) is retreating after the company announced yesterday night that its chief executive officer, Ryan Petersen, had resigned. A founder of the company, Petersen was CEO of OCZ since it launched in 2002. OCZ's chief marketing officer, Alex Mei, was appointed Interim CEO yesterday. In notes to investors earlier today, two research firms had different outlooks on the company following Petersen's resignation. Stifel Nicolaus analyst Aaron Rakers responded to the news by downgrading the stock to Hold from Buy. The analyst said he downgraded the stock because of "increasing uncertainties" facing the company, particularly relating to its cash/inventory position. The analyst, however, believes that OCZ could become an acquisition candidate, while the company could be boosted by its recent deal to supply solid state drives to several Microsoft (MSFT) data centers. On the other hand, Craig-Hallum analyst Christian Schwab upgraded the stock to Buy from Hold and raised his target on the shares to $7 from $5. The analyst believes that Petersen's departure is positive for OCZ, as some investors had a negative view of him. Moreover, a new management team could improve OCZ's execution, while Petersen's departure could also make it easier for the company to be acquired, Schwab wrote. In mid-morning trading, OCZ dropped 22c, or 5.04%, to $4.24. | |
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News For OCZ From The Last 14 Days Check below for free stories on OCZ the last two weeks. |
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| May 22, 2013 | | 17:04 EDT | | OCZ | OCZ Technology receives anticipated letter from NASDAQ
OCZ Technology announced that, as anticipated, the company received a letter from the Staff of the Listing Qualifications Department of NASDAQ indicating that, based upon the company's failure to timely file its Annual Report on Form 10-K for the fiscal year ended February 28, 2013 with the SEC, as required by NASDAQ Listing Rule 5250(c)(1), the additional filing deficiency would be considered by the Listing Qualifications Panel in rendering a determination regarding the company's request for continued listing on NASDAQ. As previously reported, the company has not yet filed its Forms 10-Q for the fiscal quarters ended August 31, 2012 and November 30, 2012, or the restatement of its financial statements included in its Form 10-K for the fiscal year ended February 29, 2012 and its Form 10-Q for the fiscal quarter ended May 31, 2012 with the SEC, as required. The company has presented its plan to regain compliance with the Filing Requirements before the Panel at which it requested additional time within which to do so. The NASDAQ Hearings Panel has granted the company's request to extend the stay of the suspension of trading of the company's common stock pending the final determination regarding the company's listing status. | | | May 20, 2013 | | 08:10 EDT | | OCZ | OCZ Technology, NETGEAR partner on flash-based data storage
 Subscribe for More Information | | | May 15, 2013 | | 16:50 EDT | | OCZ | OCZ Technology to delay filing 10-Q
As previously reported, OCZ Technology Group delayed the filing of its Form 10-Qs for the quarter ended August 31, 2012 and for the quarter ended November 30, 2012 as the company requires additional time for compilation and review to insure adequate disclosure of certain information. The company’s Audit Committee has also concluded that the company should restate the results for the first quarter of FY13, as well as the results for certain quarters of FY12 and for FY12. The amended Form 10-K for FY12 and the amended Form 10-Q for the first quarter of FY13 have not yet been filed and will be filed before the company files the FY13 Form 10-K. Additionally, as a result of the time requirements to assess the restatement of the financial statements included in previous filings; and the impact and causes of the restatement on 2013 reporting; the company has not completed its financial statements and the other reporting requirements to be included in the fiscal year ended 2013 Form 10-K. As such, the company is not able to meet the filing deadline for its 10-K for the year ended February 28, 2013. The company will endeavor to bring current its corrected and past due filings as soon as practicable though it cannot currently make an assessment of when such filings will be made. | |
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