Boston, MA 07/15/2013 (wallstreetpr) – Currently, OCZ Technology Group, Inc. (NASDAQ:OCZ) is under the process of updating its re-statement process to the investors. Ralph Schmitt, the Chief Executive of the company, stated that the process of re-statement has taken a longer time that anticipated because of various reasons. He also stated that the company’s new CFO, Rafael Torres, who joined OCZ Technology Group during late March with significant experience in restatement, has filled the key financial leadership positions and enhanced the financial organization’s technical depth.
The company has implemented one of the most rigorous review processes resulting in the recognition of extra items for re-statement. Due to these inclusions, some extra time has been taken for review, documentation and conclusion. On taking these items into consideration, becoming current with the SEC filings are believed to occur before the end of August month. During the process of working on this re-statement, the company was able to identify two errors in the financial statements issued previously for the years 2009, 2010 and 2011. The company disclosed about this re-statement on December 17th, 2012, stating that the Audit Committee has recommended for the re-statement of its financial statements which were previously issued for the fiscal year 2012 and for the first quarter of the first fiscal year 2013.
OCZ Technology Group is involved in the designing, manufacturing and distributing of solid-state drives and computer components in a wide range of form factors and interfaces as well as in the caching development of flash management and visualization software. OCZ Technology Group is also a provider of flash-controller silicon and firmware. In addition, OCZ Technology Group is also offering power management products. The company mainly focuses on the two markets, namely the market of hard disk drive replacement format and storage area network acceleration or replacement.
