Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of STEC, Inc.
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Fri, 06 Nov 2009 01:51:58 GMT |
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Law Offices of Howard G. Smith
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BENSALEM, Pa. - (Business Wire) Law Offices of Howard G. Smith announces that it is investigating potential claims against STEC, Inc. (“STEC” or the “Company”) (Nasdaq: STEC), concerning possible securities violations in relation to public statements made by the Company between August 3, 2009 and November 3, 2009. The investigation focuses on allegations that statements made by the Company during that period regarding STEC’s business, operations, and prospects, were false and misleading. On November 3, 2009, the Company announced that one of its largest customers, which accounts for 90 percent of STEC’s Zeus IOPS SSD business and which had placed a $120 million order for the second half of 2009, would carry 2009 inventory into 2010, placing STEC’s 2010 first quarter results at risk. On this news, shares of STEC declined $9.01 per share, nearly 39%, to close on November 4, 2009, at $14.14 per share, on unusually heavy volume. If you purchased STEC common stock between August 3, 2009 and November 3, 2009, or if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to Howardsmith@Howardsmithlaw.com.
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
(215) 638-4847
(888) 638-4847
Howardsmith@Howardsmithlaw.com
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