Key Developments: STEC Inc (STEC.O)
3.46USD
18 Jun 2013
$0.03 (+0.73%)
$3.44
$3.46
$3.50
$3.45
252,761
418,029
$8.39
$3.31
Latest Key Developments (Source: Significant Developments)
STEC Inc Issues Q2 2013 Guidance; EPS Guidance Below Analysts' Estimates
STEC Inc announced that for the second quarter of 2013, it expects revenue to range from $23 million to $26 million and non-GAAP diluted loss per share to range from $0.41 to $0.43. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $25 million and EPS of $(0.39) for the second quarter of 2013. Full Article
STEC Inc Issues Q1 2013 Guidance Below Analysts' Estimates
STEC Inc announced that for the first quarter of 2013, it expects revenue to range from $21 million to $23 million and non-GAAP diluted loss per share to range from $0.40 to $0.42. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $38 million and EPS of $(0.32) for the first quarter of 2013. Full Article
STEC Inc Issues Q4 2012 Guidance Below Analysts' Estimates
STEC Inc announced that for fourth quarter of 2012, it expects revenue to range from $36-$40 million and non-GAAP diluted loss per share to range from $0.31-$0.35. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $45 million and EPS of $(0.22) for fourth quarter of 2012. Full Article
Greenfield & Goodman, LLC and Cuneo Gilbert & LaDuca, LLP Announce Shareholder Suit Commenced Against Principal Officers of STEC Inc
Greenfield & Goodman, LLC and Cuneo Gilbert & LaDuca, LLP announced that shareholder litigation has been commenced in the United States District Court for the Central District of California by William Sokolowski, a purchaser of the common stock of STEC Inc (STEC or the Company), who suffered substantial losses following disclosure of material facts that had been concealed prior to his purchases. STEC is based in Santa Ana, California. The Complaint in the Sokolowski action refers to conduct of the principal shareholders of STEC, Manouchehr and Mehrdad Moshayedi and other officers and directors of the Company before and during the period June 16, 2009 and February 23, 2010 (the Relevant Period), seeking to recover losses under the Securities Exchange Act of 1934 (the Exchange Act) and to obtain other relief pursuant to relevant California state law derivatively for the benefit of STEC. The Complaint charges the Moshayedi brothers and certain of the former officers and executives of STEC with violations of the Exchange Act, breach of fiduciary duty and other serious wrongdoing. The Complaint alleges that, before and throughout the Relevant Period, the defendants made material misrepresentations and failed to disclose material adverse facts about the Company's true financial condition, business and prospects. Full Article
STEC Inc Announces Appointment Of New Independent Auditors
STEC Inc announced that it has engaged Ernst & Young LLP as the Company's new independent auditors effective immediately. Full Article
STEC Inc Announces Management Change-Form 8-K
STEC Inc reported in its Form 8-K that on September 17, 2012, Manouch Moshayedi, the Chairman of the Board of Directors (Board) of STEC, Inc. (Company) and Chief Executive Officer (CEO) of the Company, notified the Board that he is stepping down from his positions as Chairman and Chief Executive Officer (CEO) pending resolution of a civil complaint filed against him by the Securities and Exchange Commission on July 19, 2012 (SEC Litigation). Manouch Moshayedi will remain with the Company, assuming the title of founder and continuing to serve as a member of the Board. On September 17, 2012, the Board elected Mark Moshayedi, currently the President, Chief Operating Officer and Chief Technical Officer of the Company and a member of the Board, to succeed Manouch Moshayedi as interim Chief Executive Officer (CEO). Mark Moshayedi will also continue in his capacity as President. The Board also elected Kevin C. Daly, Ph.D., presently the Board’s lead independent director, to the position of interim Chairman of the Board. Dr. Daly will be compensated for his service as Chairman of the Board in accordance with the Company’s non-employee director compensation policies and practices. Full Article
STEC Inc Issues Q3 2012 Guidance
STEC Inc announced that for the third quarter of 2012, it expects revenue to range from $40 million to $42 million and non-GAAP diluted loss per share to range from $0.27 to $0.31. Full Article
STEC Inc Announces SEC Civil Charges
STEC Inc announced the United States Securities and Exchange Commission filed a civil action against Manouch Moshayedi, the Company's chairman and chief executive officer, in connection with the Staff of the Commission's previously announced investigation into possible violations of the federal securities laws. The Commission also notified the Company that it would not bring an enforcement action against the Company or any of its other executive officers. The Commission's civil complaint, filed in the United States District Court for the Central District of California, alleges that Mr. Moshayedi violated the antifraud provisions of the federal securities laws. The complaint seeks (1) an injunction against future violations of the federal securities laws; (2) disgorgement of any ill-gotten gains as well as pre-judgment interest; (3) civil monetary penalties; and (4) a bar from serving as an officer or director of a public company. Full Article
STEC Inc Issues Q2 2012 Guidance Below Analysts' Estimates
STEC Inc announced that for second quarter of 2012, it expects revenue to range from $40 million to $42 million and non-GAAP diluted loss per share to range from $0.26 to $0.28. According to I/BE/S Estimates, analysts on an average are expecting the Company to report revenue of $51.5 million and EPS of $(0.14) for second quarter of 2012. Full Article
STEC Inc Issues Q1 2012 Guidance
STEC Inc announced that for the first quarter of 2012, it expects revenue to range from $49-$51 million. Diluted non-GAAP loss per share to range from $0.14 to $0.16. Full Article
Stec's top shareholder pushes for CEO resignation
- Stec Inc reported a bigger-than-expected loss on Thursday due to increased competition, and the company's top shareholder pushed for the chief executive's resignation, sending its shares down 12 percent after the bell.
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