OCZ still hasn’t updated its regulatory filings
Troubled SSD maker OCZ said today that it is still working on filing its latest financial statements with the SEC.
Talk about OCZ amongst the chattering class at a technology conference and everyone will have a story to tell about the company.
Wild allegations of insider trading, deals being nixed because of executive squabbles and a former CEO hiding out in Panama will certainly be brought up. While many of the allegations applied to the company’s former CEO, Ryan Petersen, and its corporate person cannot be conclusively proven everyone knows something is up.
It doesn’t help that the company is on the verge of being delisted from the NASDAQ because it has not recently filed earnings reports. OCZ says it was because the discovery of some accounting irregularities involving customer incentive programs, but this hasn’t quelled the conspiracy theorists on tech and stock forums.
Today, OCZ filed a report with the SEC that said the company is still working on getting things cleaned up and filed.
“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.”
It’s curious as to why things are taking so long with the company. One can only wonder what’s going on behind the scenes.
It’s also curious why, between OCZ and STEC, there have been so many financial irregularities with SSD companies. We can only ask why?