MURRAY, FRANK & SAILER LLP Investigates Claims Against STEC, Inc., Concerning Common Stock Purchased On Secondary Public Offe...
July 20 2010 - 7:52PM
Business Wire
MURRAY, FRANK & SAILER LLP investigates claims
against STEC, Inc. (NASDAQ:STEC) concerning STEC common stock
purchased on a secondary public offering on or about August 5,
2009. In this offering, selling shareholders Manouch Moshayedi,
STEC’s Chairman and CEO, and Mark Moshayedi, STEC’s President and
COO, sold about 9 million shares at a price of $31.00 per
share.
MURRAY, FRANK & SAILER LLP is investigating possible
violations of the Securities Act of 1933 through the issuance of a
materially false and misleading registration statement, prospectus,
and other documents. These documents failed to disclose, among
other things, that: (1) STEC over-sold its largest customer more
inventory than it required; (2) STEC overstated the demand for
certain products; (3) STEC’s subsequent revenue and financial
results for the following years would be negatively impacted; and
(4) as a result of the above, defendants’ statements lacked a
reasonable basis.
If you purchased STEC common stock pursuant to the secondary
public offering at a price of $31.00 per share on or about August
5, 2009, please contact Eva Hromadkova at (800) 497-8076, (212)
682-1818, or via email at newcase@murrayfrank.com.
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