Former OCZ Technology seeks settlement approval in SEC complaints

By Lisa Kerner

Charlotte, N.C., Feb. 20 - ZCO Liquidating Corp., formerly known as OCZ Technology Group, Inc., asked the court to approve a stipulation agreement to settle class action securities litigation, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

A hearing is set for March 13 at 10 a.m. ET.

The settlement is the result of mediation among the parties related to nine separate class action complaints filed in October 2013 on behalf of OCZ equity securities purchasers. The complaints allege violations of the Securities Exchange Act of 1934 by OZC and two officers/directors.

Under the settlement, insurers will deposit $7.5 million into a settlement fund.

OCZ, a Sunnyvale, Calif.-based producer of computer memory and components, filed for bankruptcy on Dec. 2. The Chapter 11 case number is 13-13126.

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