NASDAQ:STEC Investor Alert: Lawsuit to Stop Takeover of STEC, Inc. for $ 6.85 per share
The Shareholders Foundation announces that an investor in shares of STEC, Inc. (NASDAQ:STEC) filed a lawsuit in effort to stop the proposed takeover of STEC, Inc. by Western Digital® Corporation for $6.85 per NASDAQ:STEC share.
Santa Ana, CA based STEC, Inc. is a global provider of enterprise-class Flash-based solid-state drives that are designed for systems and applications that require high input and output.
Investors who purchased shares of STEC, Inc. (NASDAQ:STEC) prior to June 24, 2013 , and currently hold any of those STEC shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:STEC stockholder by agreeing to sell the company too cheaply via an unfair process.
On June 24, 2013, Western Digital® Corporation (NASDAQ: WDC) and STEC, Inc. (NASDAQ:STEC) announced that they have entered into a merger agreement under which STEC, Inc. will be acquired by HGST, a wholly-owned subsidiary of Western Digital. Under the terms of the agreement STEC, Inc. will be acquired for approximately $340 million in cash, which equates to $6.85 per share.
However, the plaintiff claims that the $6.85-offer is too low and undervalues the company. Indeed, NASDAQ:STEC shares traded in 2012 as high as $10.20 per share and in 2011 as high as $23.79 per share.
On July 12, 2013, NASDAQ:STEC shares closed at $6.77 per share.
Those who are current investors in STEC, Inc. (NASDAQ:STEC), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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