• Welcome to TechPowerUp Forums, Guest! Please check out our forum guidelines for info related to our community.

OCZ Technology Group Updates Investors on Restatement Progress

btarunr

Editor & Senior Moderator
Staff member
Joined
Oct 9, 2007
Messages
46,283 (7.69/day)
Location
Hyderabad, India
System Name RBMK-1000
Processor AMD Ryzen 7 5700G
Motherboard ASUS ROG Strix B450-E Gaming
Cooling DeepCool Gammax L240 V2
Memory 2x 8GB G.Skill Sniper X
Video Card(s) Palit GeForce RTX 2080 SUPER GameRock
Storage Western Digital Black NVMe 512GB
Display(s) BenQ 1440p 60 Hz 27-inch
Case Corsair Carbide 100R
Audio Device(s) ASUS SupremeFX S1220A
Power Supply Cooler Master MWE Gold 650W
Mouse ASUS ROG Strix Impact
Keyboard Gamdias Hermes E2
Software Windows 11 Pro
OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) and power management solutions for computing devices and systems, is updating investors on its restatement process.

"We know that our restatement efforts are top of mind for all investors. This process has taken longer than we expected due to a number of items. Complexity of the transactions, as well as resource issues, were the main drivers for the additional time needed. Rafael Torres, our new CFO, joined us in late March with significant restatement experience and has filled key financial leadership positions and improved the technical depth of the finance organization," stated Ralph Schmitt, CEO of OCZ Technology. "Through these improvements, we have implemented a more rigorous review process that has also resulted in the identification of additional restatement items that have taken some time to review, document and conclude on. Taking these items into account, we believe that we are on track to becoming current with our SEC filings before the end of August."

As previously disclosed, on December 17, 2012, the Audit Committee of OCZ Technology Group, Inc. concluded that the Company should restate its previously-issued consolidated financial statements for fiscal year 2012 and the first quarter of fiscal 2013. In the course of its restatement work for these periods, the Company identified two misclassification items in its previously-issued consolidated financial statements for fiscal years 2009, 2010 and 2011. These items include: 1) the recording of certain previously-expensed manufacturing and freight costs that should have been capitalized in inventory and recorded in cost of goods sold upon shipment, and 2) the classification of certain customer incentive program credits as operating expenses that should have been recorded as an offset to reported net revenue. The aggregate impact of these items on the Company's previously-reported net income or loss for these periods is expected to be de minimis, although gross profit levels will be reduced from amounts previously-reported. We believe the impact to periods prior to 2012 will be isolated to these two items, though we have not yet completed our restatement work.

The impact of all adjustments made during the restatement process will be disclosed in more detail in the Company's restated financial statements, which will be provided as soon as practicable. Until the restatements are released, in addition to the financial statements for the periods referenced in the paragraph above, related press releases and shareholder communications describing the results reported in these financial statements should no longer be relied upon.

View at TechPowerUp Main Site
 
Joined
Jan 5, 2013
Messages
895 (0.22/day)
The chronic delays and excuses can't make investors confident nor happy. Perhaps OCZ is stalling because they know their ship is sinking? Maybe those with stock options are dumping their shares as quickly as they can. It will be interesting to see if this turns out to be the case in ~12 months.
 

cdawall

where the hell are my stars
Joined
Jul 23, 2006
Messages
27,680 (4.29/day)
Location
Houston
System Name All the cores
Processor 2990WX
Motherboard Asrock X399M
Cooling CPU-XSPC RayStorm Neo, 2x240mm+360mm, D5PWM+140mL, GPU-2x360mm, 2xbyski, D4+D5+100mL
Memory 4x16GB G.Skill 3600
Video Card(s) (2) EVGA SC BLACK 1080Ti's
Storage 2x Samsung SM951 512GB, Samsung PM961 512GB
Display(s) Dell UP2414Q 3840X2160@60hz
Case Caselabs Mercury S5+pedestal
Audio Device(s) Fischer HA-02->Fischer FA-002W High edition/FA-003/Jubilate/FA-011 depending on my mood
Power Supply Seasonic Prime 1200w
Mouse Thermaltake Theron, Steam controller
Keyboard Keychron K8
Software W10P
The chronic delays and excuses can't make investors confident nor happy. Perhaps OCZ is stalling because they know their ship is sinking? Maybe those with stock options are dumping their shares as quickly as they can. It will be interesting to see if this turns out to be the case in ~12 months.

They have gone up 20-30 cents in less than a month. Someone is investing in them.
 
Joined
May 14, 2009
Messages
2,132 (0.39/day)
Location
Chicago burbs
System Name Halloween Boo!
Processor Intel Core i7 3770K
Motherboard Gigabyte Z77-Up7
Cooling Custom Water/ Thermalchill TA 120.3/ Swiftech Apogeee XT/ MCP655/ Swiftech M icrores/ XSPC RX 240
Memory 16G G.Skill trident 2400MHz
Video Card(s) 3 x Radeon 7970
Storage OCZ Revo Drive 240G
Display(s) 24 inch Viewsonic
Case Phobia WayCoolIt Test Bench
Power Supply Nexus 1100 watt
The chronic delays and excuses can't make investors confident nor happy. Perhaps OCZ is stalling because they know their ship is sinking? Maybe those with stock options are dumping their shares as quickly as they can. It will be interesting to see if this turns out to be the case in ~12 months.

???? Who says they are sinking BTW?:slap:
 
Top