Feeds

Fallen flash pioneer's CEO bets $600k it can rise again

Must be sick of watching flash newbies grab the big bucks

Top three mobile application threats

Struggling SSD supplier STEC has received a vote of confidence from its own CEO - Mark Moshayedi has just bought $593,000 worth of shares.

According to Forbes and Nasdaq community news president and CEO Mark Moshayedi bought 137,664 shares at an average price of $4.71. He obviously expects and hopes they will rise as STEC returns to health after a disastrously late entry into SAS/SATA solid state drives and PCIe format flash cards.

These problems were compounded when EMC over-bought STEC's Fibre Channel SSDs and stopped buying to draw down its inventory. They were compounded again when the SEC accused the then-president, chairman and CEO, Manouche Moshayed, of improper share dealing (Background here.) He promptly resigned to fight the charges, stepping aside in favour of his brother Mark. The share price collapsed and followed STEC's revenues down the toilet. A profits run turned into losses - around $80m so far this year.

STEC was once a flash star and has seen new entrants prosper as they come into the market that it pioneered - while it is left behind, struggling to catch up with its new SSDs and flash memory cards.

The new CEO seems confident STEC is back on a revenue growth path and is putting over half a million dollars of his own money where his mouth is. That's an impressive bet. ®

High performance access to file storage

More from The Register

next story
This time it's 'Personal': new Office 365 sub covers just two devices
Redmond also brings Office into Google's back yard
Kingston DataTraveler MicroDuo: Turn your phone into a 72GB beast
USB-usiness in the front, micro-USB party in the back
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Inside the Hekaton: SQL Server 2014's database engine deconstructed
Nadella's database sqares the circle of cheap memory vs speed
BOFH: Oh DO tell us what you think. *CLICK*
$%%&amp Oh dear, we've been cut *CLICK* Well hello *CLICK* You're breaking up...
Just what could be inside Dropbox's new 'Home For Life'?
Biz apps, messaging, photos, email, more storage – sorry, did you think there would be cake?
AMD's 'Seattle' 64-bit ARM server chips now sampling, set to launch in late 2014
But they won't appear in SeaMicro Fabric Compute Systems anytime soon
Amazon reveals its Google-killing 'R3' server instances
A mega-memory instance that never forgets
prev story

Whitepapers

Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.