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...

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