Wed, November 27, 2024
Tue, November 26, 2024
[ Tue, Nov 26th 2024 ] - Brian Stokes
Trust Matters in Cabinet Picks
Mon, November 25, 2024
Sun, November 24, 2024
Thu, November 14, 2024
Tue, November 12, 2024
Thu, April 23, 2009
Mon, February 2, 2009
[ Mon, Feb 02nd 2009 ] - Nathan Burkes
Is Obama a rock star?
Fri, January 30, 2009

MURRAY, FRANK & SAILER LLP Investigates Claims Against STEC, Inc., Concerning Common Stock Purchased On Secondary Public Offeri


//science-technology.news-articles.net/content/2 .. -stock-purchased-on-secondary-public-offeri.html
Published in Science and Technology on Tuesday, July 20th 2010 at 17:20 GMT by Market Wire   Print publication without navigation


NEW YORK--([ 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, STECa�s Chairman and CEO, and Mark Moshayedi, STECa�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) STECa�s subsequent revenue and financial results for the following years would be negatively impacted; and (4) as a result of the above, defendantsa� 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 ].


Publication Contributing Sources