STEC To Pay $35.8M To Settle Securities Class Action
Law360, Los Angeles (April 9, 2013, 8:35 PM EDT) -- STEC Inc. has agreed to settle a securities class action for $35.75 million accusing the digital storage company of releasing misleading information about its sales forecasts and intentionally inflating its stock price, according to documents filed by plaintiffs in California federal court on Monday.
The state of New Jersey, the International Brotherhood of Electrical Workers and others submitted a memorandum in support of their motion for final approval of a proposed settlement and proposed allocation plan, among other things, saying they were fair and a win for class members.
"The settlement represents an extraordinary benefit that falls well within a range...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!