sTec Shareholders not Happy With Acquisition

Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a national securities firm headquartered in New York City, is investigating the board of directors of sTec, Inc. for potential breaches of fiduciary duties in connection with their conduct related to the sale of the company to Western Digital Corp. in a deal valued at approximately $340 million.

Under the terms of the proposed transaction, sTec’s stockholders will receive $6.85 in cash for each share of sTec common stock they own.

The investigation focuses on whether sTec’s board of directors breached their fiduciary duties to the company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the company to the detriment of sTec’s shareholders.