STEC, Inc. CEO Files Judicial Answer to the SEC's Civil Complaint
August 30 2012 - 9:00AM
STEC, Inc. (Nasdaq:STEC) announced today that its chairman and
chief executive officer, Manouch Moshayedi, has filed his answer in
response to the United States Securities and Exchange Commission
(SEC) civil complaint filed last month. Mr. Moshayedi's answer was
filed in the United States District Court for the Central District
of California.
"As my answer shows, I pursued a sale of shares through a public
offering at significant additional cost to me in order to establish
a more transparent and orderly process, which also protected STEC
and its shareholders from large and unexplained piecemeal sales
that would have been triggered under my pre-existing 10b5-1 plan as
the company's stock rose rapidly," said Mr. Moshayedi. "The
answer also explains that I could not have known at the time of the
stock offering the two key 'facts' on which the SEC's case largely
rests.
"I am proud of my accomplishments and of the company I founded
more than 22 years ago. I cannot let the SEC's unjustified
claims damage my reputation or that of STEC. The answer filed
yesterday is the first step in my defense, and my quick and
thorough response to the SEC's complaint shows my intent to contest
it vigorously. I remain confident that my position will be
supported by the evidence."
Kevin C. Daly, Ph.D., the company's lead independent director,
said: "STEC's board of directors unanimously supports Manouch's
defense against the SEC complaint, whose allegations in our
judgment are without merit. Manouch is as committed as ever to
STEC providing enterprise-class solid-state drive solutions to our
customers and to growing the company, and we support that mission
100 percent."
The full text of the answer is available at
www.manouch-answer.com.
About STEC, Inc.
STEC, Inc. is a leading global provider of enterprise-class
solid-state drive (SSD) technologies and solutions tailored to meet
the high-performance, high-reliability and high-endurance needs of
today's data-intensive server and storage platforms. With
headquarters in Santa Ana, California and locations worldwide, STEC
leverages almost two decades of solid-state knowledge and
experience to design, manufacture and deliver the most
comprehensive line of PCIe, SAS, SATA, and embedded SSDs on the
market today. In addition, STEC's EnhanceIO™ SSD Cache Software
enables IT managers to cost-effectively scale server application
performance. For more information, please visit
www.stec-inc.com.
The STEC, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=1079
STEC, the STEC logo, and EnhanceIO are either registered
trademarks or trademarks of STEC, Inc. in the United States and
certain other countries. All other trademarks or brand names
referred to herein are the property of their respective owners.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
This release contains forward-looking statements that involve
risks and uncertainties, including, but not limited to, statements
concerning the potential outcome of United States Securities and
Exchange Commission civil litigation against the Company's chairman
and chief executive officer; providing enterprise-class SSD
solutions; and growing the Company's business. Such
forward-looking statements are based on current expectations and
involve inherent risks and uncertainties, including factors that
could delay, divert or change any of them, and could cause actual
outcomes and results to differ materially from current
expectations. Although STEC believes that the forward-looking
statements contained in this release are reasonable, it can give no
assurance that its expectations will be fulfilled. Important
factors which could cause actual results to differ materially from
those expressed or implied in the forward-looking statements are
detailed in filings with the Securities and Exchange Commission
made from time to time by STEC, including its Annual Report on Form
10-K, its Quarterly Reports on Form 10-Q, and its Current Reports
on Form 8-K. Special attention is directed to the portions of those
documents entitled "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of
Operations." The information contained in this press release
is a statement of STEC's present intention, belief or expectation.
STEC may change its intention, belief, or expectation, at any time
and without notice, based upon any changes in such factors, in
STEC's assumptions or otherwise. STEC undertakes no obligation to
release publicly any revisions to any forward-looking statements to
reflect events or circumstances occurring after the date hereof or
to reflect the occurrence of unanticipated events.
CONTACT: Thomas Davies
Margaret Rohrmann
Kekst and Company
(212) 521-4800
stec@kekst.com
Jerry Steach
Public Relations
STEC, Inc.
(415) 222-9996
pr@stec-inc.com
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