On April 9, 2010, court-appointed lead counsel Kahn Swick & Foti, LLC and Bernstein Litowitz Berger & Grossmann LLP filed a consolidated class action complaint ("consolidated complaint") on behalf of Lead Plaintiffs in In re STEC, Inc. Securities Litigation, Lead Case No. SACV 09-01304-JVS, in the United States District Court for the Central District of California, Southern Division.

The consolidated complaint is brought on behalf of all persons and entities who purchased or otherwise acquired the common stock of STEC between June 16, 2009 and February 23, 2010 (the "Class Period"), and were damaged thereby (the "Class"). The consolidated complaint alleges claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against STEC, Inc. ("STEC"), Manouch Moshayedi, Mehrdad ("Mark") Moshayedi, and Raymond D. Cook ("Defendants"). The consolidated complaint alleges that Defendants made materially false statements and omissions during the Class Period regarding the sales, demand and competition for STEC's products. Ultimately, the truth about STEC's sales, demand and competition began to be revealed to investors and analysts through a series of corrective disclosures beginning on September 17, 2009.

On March 26, 2010, the Court ordered Lead Plaintiffs to issue notice to potential lead plaintiffs of filing of their consolidated complaint which enlarged the Class Period by extending the Class Period end date from November 3, 2009 to February 23, 2010. If you wish to serve as lead plaintiff, you must move the Court by no later than June 14, 2010.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Lewis Kahn of Kahn Swick & Foti, LLC at (504) 455-1400 or via e-mail at lewis.kahn@ksfcounsel.com. Any member of the class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class.

You can read the complaint by downloading it here.