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Stec quarterly loss widens; top shareholder asks for CEO resignation
March 14 |
March 14 (Reuters) - Solid-state drive maker Stec Inc , which has been under pressure from a shareholder group seeking to replace its board, reported a wider quarterly loss on increased competition.
Shareholders Balch Hill LLC and Potomac Capital Management LLC, who had nominated seven candidates to replace the entire Stec board, said on Thursday discussions with the company had broken down.
Top shareholder Balch Hill said co-founders Mark Moshayedi and Manouch Moshayedi should resign from the company's board.
Manouch Moshayedi resigned as Chief Executive in September over insider trading charges and his brother Mark Moshayedi took over as the interim CEO.
Balch Hill has a 9 percent stake in Stec, while Potomac Capital Management holds less than a percent, according to Thomson Reuters data.
Net loss widened to $23.2 million, or 50 cents per share, in the fourth quarter, from $3.6 million, or 8 cents per share, a year earlier.
Revenue fell 40 percent to $35.1 million.
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