Murray, Frank & Sailer Investigates Claims Vs. Stec

MURRAY, FRANK & SAILER LLP investigates claims against STEC, Inc. 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:

• STEC over-sold its largest customer more inventory than it required;
• STEC overstated the demand for certain products;
• STEC’s subsequent revenue and financial results for the following years would be negatively impacted; and
• As a result of the above, defendants’ statements lacked a reasonable basis.