OCZ Announces Settlement of Shareholder Derivative Litigation

OCZ Announces Settlement of Shareholder Derivative Litigation 
SAN JOSE, CA  -- (Marketwired) -- 06/04/13 --  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, today 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."  
About OCZ Technology Group, Inc.  
Founded in 2002, San Jose, CA-based OCZ Technology Group, Inc. (OCZ)
is a global leader in the design, manufacturing, and distribution of
high-performance solid-state storage solutions and premium computer
components. Offering a complete spectrum of solid-state drives
(SSDs), OCZ provides SSDs in a variety of form factors and interfaces
(i.e. PCIe, SAS and SATA) to address a wide range of client and
enterprise applications. Having developed firmware and controller
platforms, to virtualization and endurance extending technologies,
the company delivers vertically integrated solutions enabling
transformational approaches to how digital data is captured, stored,
accessed, analyzed and leveraged by customers. For more information,
please visit: www.ocz.com. 
Forward Looking Statements  
Certain statements in this release relate to future events and
expectations and as such constitute forward-looking statements
involving known and unknown factors that may cause actual results of
OCZ Technology Group, Inc. to be different from those expressed or
implied in the forward-looking statements. In this context, words
such as "will," "would," "expect," "anticipate," "should" or other
similar words and phrases often identify forward-looking statements
made on behalf of OCZ. It is important to note that actual results of
OCZ may differ materially from those described or implied in such
forward-looking statements based on a number of factors and
uncertainties, including, but not limited to, the risk that the
process of preparing and auditing the financial statements or other
subsequent events would require OCZ to make additional adjustments;
the time and effort required to complete the restatement of the
financial reports; the ramifications of OCZ's potential inability to
timely file required reports; including potential delisting of OCZ's
common stock on NASDAQ; the risk of litigation or governmental
investigations or proceedings relating to such matters; market
acceptance of OCZ's products and OCZ's ability to continually develop
enhanced products; adverse changes both in the general macro-economic
environment as well as in the industries OCZ serves, including
computer manufacturing, traditional and online retailers, information
storage, internet search and content providers and computer system
integrators; OCZ's ability to efficiently manage material and
inventory, including integrated circuit chip costs and freight costs;
OCZ's ability to obtain sufficient NAND flash; and OCZ's ability to
generate cash from operations, secure external funding for its
operations and manage its liquidity needs. Other general economic,
business and financing conditions and factors are described in more
detail in "Item 1A -- Risk Factors" in Part I in OCZ's Annual Report
on Form 10-K filed with the SEC on May 14, 2012, and statements made
in other subsequent filings. The filing is available both at
www.sec.gov as well as via OCZ's website at www.ocz.com. OCZ does not
undertake to update its forward-looking statements.  
All trademarks or brand names referred to herein are the property of
their respective owners. 
Contact: 
OCZ Press 
Scott Harlin
Director of Marketing Communications
(408) 440-3484
sharlin@ocztechnology.com 
OCZ Investor Relations 
Bonnie Mott
Senior Manager of Investor Relations
(408) 440-3428
bmott@ocztechnology.com
 
 
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