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PricewaterhouseCoopers Resigned as Stec’s Auditor

Is it in relation with insider trading charge vs. CEO Manouch Moshayedi?

On September 5, 2012, PricewaterhouseCoopers LLP notified STEC, Inc. of its resignation as the company’s independent registered public accounting firm, effective immediately.

The decision to resign was made by PwC and, accordingly, no action was taken by the company’s Audit Committee or Board of Directors to recommend or approve this change in accountants.

The reports of PwC on the consolidated financial statements of the company and its subsidiaries for the company’s last two fiscal years did not contain an adverse opinion or a disclaimer of opinion, nor were they qualified as to uncertainty, audit scope or accounting principles in any respect.

During the company’s two most recent fiscal years and the subsequent interim period through September 5, 2012, there were no disagreements between the company and PwC on any matter of accounting principles or practices, financial statement disclosures, or auditing scope or procedure which disagreements, if not resolved to PwC’s satisfaction, would have caused PwC to make reference thereto in PwC’s report on the company’s financial statements for such periods.

In addition, no reportable events, as defined in Item 304(a)(1)(v) of Regulation S-K, occurred during the company’s two most recent fiscal years and the subsequent interim period through September 5, 2012.

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