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

^{Published on 2010-07-20 17:20:47 - Market Wire}
 

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 ].