Izard Nobel LLP Announces Class Action Lawsuit Against STEC, Inc.
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STEC | Quote | Chart | News | PowerRating -- The law firm of Izard Nobel LLP, which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed
in the United States District Court for the Central District of
California on behalf of those who purchased the common stock of STEC,
Inc. ("STEC" or the "Company") (NYSE: STEC | Quote | Chart | News | PowerRating) between June 16, 2009 and
November 3, 2009 (the "Class Period"). Also included are those who
purchased in the August 6, 2009 Secondary Offering.
The Complaint charges that STEC and certain of the Company's
executive officers violated federal securities laws. Specifically, the
defendants made false and/or misleading statements and/or failed to
disclose: (i) that STEC over sold its largest customer more inventory
than it required; (ii) the Company overstated the demand for certain
products; (iii) that STEC's subsequent revenue and financial results
for the following year would be negatively impacted; and (iv) that,
as a result, Defendants' statements during the Class Period lacked a
reasonable basis.
On November 3, 2009, STEC announced that one of its largest
customers, which accounts for 90 percent of STEC's ZeusIOPS 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 fell
$9.01 per share, more than 38%, to close on November 4, 2009, at
$14.14 per share.
If you are a member of the class, you may, no later than January 5,
2010, request that the Court appoint you as lead plaintiff of the
class. A lead plaintiff is a class member that acts on behalf of
other class members in directing the litigation. Although your
ability to share in any recovery is not affected by the decision
whether or not to seek appointment as a lead plaintiff, lead
plaintiffs make important decisions which could affect the overall
recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants,
to view a copy of the Complaint initiating the class action or for
more information about the case, and your rights, visit:
www.izardnobel.com/stec/, or contact Izard Nobel LLP toll-free: (800)
797-5499, or by e-mail: firm@izardnobel.com. For more information
about class action cases in general, please visit our website:
www.izardnobel.com.
CONTACT:
Nancy A. Kulesa or Wayne Boulton
(800) 797-5499
www.izardnobel.com
Email Contact
SOURCE: Izard Nobel LLP
http://www.izardnobel.com
http://www2.marketwire.com/mw/emailprcntct?id=E08FAE9CFADD538F
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