Monday, March 18, 2013
STEC Shareholders Seek Takeover Of Company
Santa Ana-based solid state storage products firm STEC is facing a shareholder revolt this morning, after two of its largest shareholders, Balch Hill and Potomac Capital, said they will seek to replace the company's board and executives, and take "strategic steps" to improve shareholder value. The move comes after poor quarterly results for STEC. STEC said its settlement discussions with Balch Hill and Potomac Capital have "broken down". The two shareholders said that STEC's management team have presided over a "massive loss of revenue and market share" in a strongly growing market for solid state storage.