Ex-STEC Chief's Own Words Reveal Insider Trading, SEC Says

Law360, Chicago (August 7, 2013, 4:53 PM EDT) -- The U.S. Securities and Exchange Commission took the unusual step Tuesday of seeking summary judgment in its insider trading case against the founder of computer storage device maker STEC Inc., saying the defendant's own words are enough to prove he is liable.

In a brief filed in California federal court, the SEC said it is entitled to partial summary judgment on the issue of liability against former STEC CEO Manouchehr Moshayedi, who is accused of hiding from shareholders the loss of a major customer and exploiting...
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