Saturday, Law Offices of Howard G. Smith, representing investors of STEC, Inc. (STEC) announced a class action lawsuit in United States District Court on behalf of a class consisting of all persons or entities who purchased the securities of STEC between June 16, 2009 and November 3, 2009, inclusive. The class action lawsuit was filed in the United States District Court for the Central District of California.
The complaint charges STEC and certain of the company's executive officers with violations of federal securities laws. STEC designs, manufactures and markets enterprise-class solid-state drives for use in high performance storage and server systems, and high-density dynamic random access memory modules for networking, communications and industrial applications. The complaint alleges that defendants knew or recklessly disregarded that their public statements concerning STEC's business, operations and prospects were materially false and misleading.
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