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 DigitalĀ® 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 DigitalĀ® 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.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Posted by on Jul 2013. All trademarks acknowledged. Filed under Press Release. Comments and Trackbacks closed. Follow responses: RSS 2.0

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