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The Tech Archived · VIDEO ESSAY

What Happened to OCZ The Overclocker’s Favourite That Faked Its Way to Bankruptcy

OCZ was once one of the most respected names in enthusiast PC hardware. Overclockers trusted its RAM, power supplies and, above all, its legendary Vertex SSDs. But behind the impressive benchmarks and growing sales, the company's financial position was becoming increasingly unstable. In 2013, OCZ announced that it had to restate multiple periods of financial results after problems with revenue recognition. An SEC inquiry followed, its auditor PricewaterhouseCoopers resigned, financial filings were delayed and credit arrangements came under pressure. Then, on November 27th, 2013, OCZ filed for Chapter 11 bankruptcy. The company reported approximately $14 million in assets against $82 million in liabilities. Samsung's rise and its control over its own NAND production and controllers put enormous pressure on OCZ, but competition alone doesn't explain the collapse. The accounting restatements and growing financial problems tell a much bigger story. Just five days after the bankruptcy filing, Toshiba announced a deal to acquire substantially all of OCZ's enterprise SSD assets for approximately $35 million. So what happened to the company that overclockers once trusted? And how did one of the enthusiast PC world's favourite brands end up in bankruptcy? This is the story of OCZ's rise, its financial scandal and the collapse of a once-beloved hardware company. Subscribe to Tech Archive for more stories about forgotten technology companies, legendary hardware and the scandals behind the brands we remember.

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OCZ was once one of the most respected names in enthusiast PC hardware. Overclockers trusted its RAM, power supplies and, above all, its legendary Vertex SSDs. But behind the impressive benchmarks and growing sales, the company's financial position was becoming increasingly unstable.

In 2013, OCZ announced that it had to restate multiple periods of financial results after problems with revenue recognition. An SEC inquiry followed, its auditor PricewaterhouseCoopers resigned, financial filings were delayed and credit arrangements came under pressure.

Then, on November 27th, 2013, OCZ filed for Chapter 11 bankruptcy. The company reported approximately $14 million in assets against $82 million in liabilities.

Samsung's rise and its control over its own NAND production and controllers put enormous pressure on OCZ, but competition alone doesn't explain the collapse. The accounting restatements and growing financial problems tell a much bigger story.

Just five days after the bankruptcy filing, Toshiba announced a deal to acquire substantially all of OCZ's enterprise SSD assets for approximately $35 million.

So what happened to the company that overclockers once trusted? And how did one of the enthusiast PC world's favourite brands end up in bankruptcy?

This is the story of OCZ's rise, its financial scandal and the collapse of a once-beloved hardware company.

Subscribe to Tech Archive for more stories about forgotten technology companies, legendary hardware and the scandals behind the brands we remember.

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VIDEO DESCRIPTION

OCZ was once one of the most respected names in enthusiast PC hardware. Overclockers trusted its RAM, power supplies and, above all, its legendary Vertex SSDs. But behind the impressive benchmarks and growing sales, the company's financial position was becoming increasingly unstable. In 2013, OCZ announced that it had to restate multiple periods of financial results after problems with revenue recognition. An SEC inquiry followed, its auditor PricewaterhouseCoopers resigned, financial filings were delayed and credit arrangements came under pressure. Then, on November 27th, 2013, OCZ filed for Chapter 11 bankruptcy. The company reported approximately $14 million in assets against $82 million in liabilities. Samsung's rise and its control over its own NAND production and controllers put enormous pressure on OCZ, but competition alone doesn't explain the collapse. The accounting restatements and growing financial problems tell a much bigger story. Just five days after the bankruptcy filing, Toshiba announced a deal to acquire substantially all of OCZ's enterprise SSD assets for approximately $35 million. So what happened to the company that overclockers once trusted? And how did one of the enthusiast PC world's favourite brands end up in bankruptcy? This is the story of OCZ's rise, its financial scandal and the collapse of a once-beloved hardware company. Subscribe to Tech Archive for more stories about forgotten technology companies, legendary hardware and the scandals behind the brands we remember.

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