STEC, Inc. (STEC) Reports the SEC Files Civil Action in Connection with Federal Securities Laws
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STEC, Inc. (Nasdaq: STEC) announced today 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.
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