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Thread: [FUD] Rumors of Seagate OCZ buyout

  1. #26
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    nooo i have 3 ocz ssds and they all work fine for me. i hope they dont go under.
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  2. #27
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    Quote Originally Posted by Zaxx View Post
    Someone may yet end up buying Ocz if the price keeps dropping...
    No one will want to buy a company who files Chapter 7. They will more than likely wait for a bankruptcy firesale. I wonder if Ryan regrets not allowing a Seagate purchase, and a whole host of other transgressions by OCZ.

  3. #28
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    as long as i can get an ocz vector drive for cheaper then the ocz vertex 4 and it be awesome, good
    bring on the china outsourcing, automated systems and button pusher(s)!
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  4. #29
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    I don't see anyone saying that OCZ is out of money, so why would they file for bankruptcy? Share prices are not indicative of the amount of cash and other assets a company has, they're based on investors' confidence in a company to turn a profit.
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  5. #30
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    Quote Originally Posted by [XC] Oj101 View Post
    I don't see anyone saying that OCZ is out of money, so why would they file for bankruptcy? Share prices are not indicative of the amount of cash and other assets a company has, they're based on investors' confidence in a company to turn a profit.
    They have always been cutting it razor thin, and with extremely 'creative' accounting at that. And now they are dipping into their bank's credit line.
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  6. #31
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    OCZ is delaying their quarterly report due to revenue projections being significantly lower based on alleged incentives given to OEMs to use their products. Obviously a lawsuit was filed in California District Court based on this improper accounting over essentially alleged securities fraud. Doesn't look too good to me if true, and I'm being kind here.


    http://www.lawyersandsettlements.com...ecurities.html

    Company: OCZ Technology Group, Inc
    Ticker Symbol: OCZ
    Class Period: Jul-10-12 to Oct-10-12
    Date Filed: Oct-12-12
    Lead Plaintiff Deadline: Dec-11-12
    Court: Northern District of California

    Allegations: Wayne, PA: A securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of purchasers of OCZ Technology Group, Inc. ("OCZ" or the "Company") (NAS: OCZ) securities during the period of July 10, 2012 and October 10, 2012 (the "Class Period").

    The complaint alleges that throughout the Class Period the Company and certain of its executive officers made false and/or misleading statements and/or failed to disclose that: (1) the Company was providing extraordinary customer incentives in excess of what was normal and customary in the past; (2) the Company was improperly accounting for customer incentive programs; (3) as a result, the Company's financial results were misstated during the Class Period; (4) the Company lacked adequate internal and financial controls; (5) as a result, defendants' statements were materially false and misleading; and (6) as a result of the foregoing, defendants' positive statements about OCZ's business, operations and prospects lacked a reasonable basis.

    On October 10, 2012 the Company shocked the market when it announced that it would file a Form 12b-25 Notification of Late Filing with the SEC, to extend the deadline to file OCZ's second quarter 2013 financial results. According to the Company, OCZ's second quarter 2013 revenue will be materially lower than the September 5 preliminary revenue range of $110 to $120 million due to the impact of customer incentive programs which were discovered subsequent to the preliminary announcement during the normal close process, and which the Company will be reporting as a material weakness in its Form 10-Q. Moreover, the Company stated that it expected to report negative gross margins and a significant net loss for second quarter 2013. On this news, the Company's shares declined $1.27 per share, or more than 40%, to close on October 10, 2012 at $1.88 per share on unusually heavy volume.

  7. #32
    Actually, there are now numerous pending lawsuits and investigations. Unfortunately, any company that wants to buy out OCZ would have to take on that extra baggage as well.

  8. #33
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    Maybe I won't be buying that ZX1250 PSU after all......
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  9. #34
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    OCZ stock has been halted before trading today pending news dissemination.

    Most likely they will file bankruptcy, or is someone stupid enough to aquire it for $1.25 per share.

    We will know soon

  10. #35
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    I would acquire it for the barefoot controller
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  11. #36
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    OCZ will be fine, above all else they have plenty of valuable IP.

  12. #37
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    OCZ Filing for Bankruptcy, Announces Offer From Toshiba to Purchase Assets
    Marketwired
    24 minutes ago
    SAN JOSE, CA--(Marketwired - November 27, 2013) - OCZ Technology Group, Inc. (OCZ), a leading provider of high-performance solid state drives (SSDs) for computing devices and systems, today announced that on November 25, 2013, it received notices that Hercules Technology Growth Capital, Inc. ("Hercules") took exclusive control of the Company's depository accounts at Silicon Valley Bank and Wells Fargo Bank, National Association. As set forth in the Company's recent SEC filings, Hercules and the Company are parties to a loan and security agreement. As previously reported, the Company is not in compliance with certain of the operating ratios and covenants in the loan agreement. As a result of such action and pursuant to Hercules' written instruction, the depository institutions disbursed the cash in the Company's respective accounts to accounts under the control of Hercules.

    The Company has received an offer from Toshiba Corporation to acquire substantially all of the Company's assets in a bankruptcy proceeding. The parties have substantially completed negotiations on an asset purchase agreement and OCZ believes that all the material terms have been agreed to. The agreement is subject to various conditions: the preservation of the value of the business, including the retention of employees, the negotiation and execution of definitive documentation, the filing of bankruptcy petitions by the Company and certain of its subsidiaries, Toshiba's offer being accepted by the bankruptcy court as the highest and best offer under the circumstances after an auction process conducted under the relevant provisions of the United States Bankruptcy Code, and other customary closing conditions. The Company expects to file a petition for bankruptcy shortly after completing final documentation with Toshiba and Hercules, and to conduct the court-supervised auction process to attempt to maximize the value of the Company's assets and operations in an orderly process. More details will become available when the Company files its petition for bankruptcy.

    If the Company is not able to agree to final documentation with Toshiba, the Company expects to imminently file a petition for bankruptcy and liquidate.

  13. #38
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    Tosh pulled the trigger first it seems. The Barefoot 3 paired with some fast Tosh nand sounds good to me..
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  14. #39
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    as i said in the other thread it sucks to be shareholder but maybe this is good for customers since now they will be under toshiba....

    oh well...

  15. #40
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    I don't know if I'd call it good for customers. Toshiba made their move after OCZ filed for bankruptcy, meaning they have no obligation to honour existing warranties. They might, but they don't HAVE to.
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  16. #41
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    Quote Originally Posted by [XC] Oj101 View Post
    I don't know if I'd call it good for customers. Toshiba made their move after OCZ filed for bankruptcy, meaning they have no obligation to honour existing warranties. They might, but they don't HAVE to.
    Read the other thread. Tony already chimed in saying warranties will remain.

  17. #42
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    Quote Originally Posted by lowfat View Post
    Read the other thread. Tony already chimed in saying warranties will remain.
    unless he is revealing the details of the agreement between OCZ and Toshiba, then its just FUD!

    And I mean no disrespect to Tony. But I don't think he would be allowed to reveal details of the pending transaction agreement. But who knows maybe he made a mistake and did so anyways - though its unlikely.

  18. #43
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    Tony is n a lot better position to speculate than most....
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  19. #44
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    Tony's right.

  20. #45
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    From Tom's:

    'The two companies are still working out the details of the terms, which include retention of OCZ employees and the preservation of the business.'


    Looks like Tosh may even retain the Ocz branding...
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  21. #46
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    Quote Originally Posted by Zaxx View Post
    From Tom's:

    'The two companies are still working out the details of the terms, which include retention of OCZ employees and the preservation of the business.'


    Looks like Tosh may even retain the Ocz branding...
    i think that is a good idea if they keep the brand of OCZ

  22. #47
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    Warranties are being honoured and the support forum is open and helping...after that im not qualified to tell you anything.

    I have not told you anything i have not been authorised too...read the PR:
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  23. #48
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    Are you allowed to tell us if they will keep the OCZ brand or not ?

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