STEC CEO Manouchechr Moshayedi has been charged with insider trading. The SEC alleges Moshayedi...
Jul 19 2012, 19:04 ET
STEC CEO Manouchechr Moshayedi has been charged with insider trading. The SEC alleges Moshayedi withheld information in '09 about an upcoming decline in orders from EMC in order to profit from a secondary offering, and struck a side deal with EMC to guarantee STEC's near-term guidance remained solid while the offering occurred. The SEC is seeking financial penalties, and wants Moshayedi barred from serving as an officer or director of any publicly-traded company. (PR)