Stec Inc. has been notified by the Securities and Exchange Commission that it does not intend to recommend any enforcement action against the computer storage device maker or its executive, Mark Moshayedi.
The agency charged then-chairman and CEO Moshayedi last week with insider trading. It alleged that he went ahead with the sale of 9 million shares of the company’s stock, worth $134 million, despite receiving confidential information that a major customer’s demand for one of its top products was less than expected.
The notification letter, signed by Finola Manvelian, assistant regional director of the SEC’s Los Angeles office, was posted on the SEC’s website. Manvelian did not immediately respond to a query about the decision.
Stec’s announcement identified Manvelian as president, chief operating officer and chief technical officer. A company spokesman did not immediately return a phone call inquiring about the change in titles.
Shares rose 15 cents, or 2 percent, to $7.26 in midday trading.