What a relief.

Shares of computer-memory company OCZ Technology Group (NASDAQ:OCZ) were charging up more than 15% late Thursday on news of a massive restructuring … but considering OCZ had lost 80% from Jan. 1 through Halloween, the run feels more like a relief rally than anything else.

OCZ is a player in flash memory and solid-state drives. The company’s SSD technologies are an alternative to hard-disk drives that produc less heat and offer better performance. However, the sluggish PC market has taken its toll on a number of tech companies, and OCZ is no exception.

To offset this trend, the company has gotten more aggressive in categories like storage area networks. Still, across its businesses, OCZ faces intense competition from biggies like Intel (NASDAQ:INTC), Samsung, Fusion-io (NYSE:FIO), Micron (NASDAQ:MU), Seagate Technology (NASDAQ:STX) and Western Digital (NASDAQ:WDC). Emerging operators in China also are putting pressure on the company.

To get things back on track, OCZ has announced tough steps to restructure its operations. The company is cutting about 150 products from its line, and also will slash its work force by 28%.

Earlier this month, OCZ put a new CEO in place — Ralph Schmitt, who has been on OCZ’s board since April 2011 and previously was the CEO of PLX Technology (NASDAQ:PLXT), which designs and makes circuits for semiconductor companies.

He’ll have to work fast. OCZ is under investigation for delaying the release of its second-quarter results — an act that typically is poison for shareholders.

Until we get more clarity into OCZ’s finances, the stock is likely to give up some of today’s gains and remain at lowly levels.

Tom Taulli runs the InvestorPlace blog IPOPlaybook, a site dedicated to the hottest news and rumors about initial public offerings. He is also the author of “How to Create the Next Facebook.” Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.