I've seen companies used bankruptcy before to cover up fraud. Look up the company Syntax Brillian, former ticker symbol BRLC. They did just that. Like OCZ, the CEO and other top executives left, they delayed earnings, and a few months later they declared bankruptcy without ever reporting earnings.
If there was fraud and the company releases earnings and correct the accounting errors they will just give more evidence to the lawyers to sue them and to the SEC to prosecute them.
Sentiment: Strong Sell
Let's see. Hire a new ceo, come out with new best in class product, achieve #1 sales slot across the web, sign multiple supplier deals, cut operating expenses across the board, ramp up marketing for CES....... and then file for bankruptcy? Ya, that'll happen. You're a genius.
Look, they are selling tons and tons of drives! The Vertex 4 is consistently the #1 selling SSD drive across newegg, tigerdirect and amazon. Consistently #1 even after they raised prices and got rid of the rebates. Even if they sold there entire inventory at a negative margin, they would still have plenty of cash on hand to meet short term requirements. They started a new waive of product launches starting with the Vector which is climbing the sales charts and was voted best SSD consistently across every review I read. They have new management and by all accounts are executing on all fronts. The demand for SSD is exploding, As HWSNBMBN said "We can basically sell as many drives as we can build" . BK? Not a chance.
They could always do a reverse split if it heads under $1. But the longer they take to report the lower this thing will head since the length of the delay is an indication of how serious the magnitude of accounting errors are.
The Nasdaq actually gives companies quite a bit of leeway to stay listed even if they can't report earnings. Just look at DMND and when was the last time they filled a 10q.