OCZ Technology (OCZ) Settles Financial Restatement Shareholder Suit
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OCZ Technology Group (Nasdaq: OCZ) announces that it has reached a settlement in principle of federal shareholder derivative litigation filed in connection with the Company's previously announced financial restatement.
The settlement is subject to negotiation of final documentation. It is also subject to court approval. The settlement will be funded by the Company's D&O liability insurance and will not require any payments by the Company. This settlement does not resolve separate consolidated shareholder class actions pending in connection with the restatement.
"We continue making progress on improving our business and the settlement of the derivative litigation is another step in the right direction as we put some of these issues behind us and focus more of our attention on the operational aspects of our business," said Ralph Schmitt, CEO of OCZ Technology Group. "As this settlement and our previously reported NASDAQ Extension indicates, we are making good progress on clearing these matters. In an effort to keeping investors informed, we will release information as appropriate."
The settlement is subject to negotiation of final documentation. It is also subject to court approval. The settlement will be funded by the Company's D&O liability insurance and will not require any payments by the Company. This settlement does not resolve separate consolidated shareholder class actions pending in connection with the restatement.
"We continue making progress on improving our business and the settlement of the derivative litigation is another step in the right direction as we put some of these issues behind us and focus more of our attention on the operational aspects of our business," said Ralph Schmitt, CEO of OCZ Technology Group. "As this settlement and our previously reported NASDAQ Extension indicates, we are making good progress on clearing these matters. In an effort to keeping investors informed, we will release information as appropriate."
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