Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of STEC, Inc.
November 05 2009 - 8:30PM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims against STEC, Inc. (“STEC” or the
“Company”) (Nasdaq: STEC), concerning possible securities
violations in relation to public statements made by the Company
between August 3, 2009 and November 3, 2009. The investigation
focuses on allegations that statements made by the Company during
that period regarding STEC’s business, operations, and prospects,
were false and misleading.
On November 3, 2009, the Company announced that one of its
largest customers, which accounts for 90 percent of STEC’s Zeus
IOPS SSD business and which had placed a $120 million order for the
second half of 2009, would carry 2009 inventory into 2010, placing
STEC’s 2010 first quarter results at risk. On this news, shares of
STEC declined $9.01 per share, nearly 39%, to close on November 4,
2009, at $14.14 per share, on unusually heavy volume.
If you purchased STEC common stock between August 3, 2009 and
November 3, 2009, or if you have information or would like to learn
more about these claims, or if you wish to discuss these matters or
have any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Howard G.
Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol
Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, Toll Free at (888) 638-4847, or by email to
Howardsmith@Howardsmithlaw.com.
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