Feeds

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

Must be sick of watching flash newbies grab the big bucks

Application security programs and practises

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. ®

Eight steps to building an HP BladeSystem

More from The Register

next story
Sysadmin Day 2014: Quick, there's still time to get the beers in
He walked over the broken glass, killed the thugs... and er... reconnected the cables*
SHOCK and AWS: The fall of Amazon's deflationary cloud
Just as Jeff Bezos did to books and CDs, Amazon's rivals are now doing to it
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
US judge: YES, cops or feds so can slurp an ENTIRE Gmail account
Crooks don't have folders labelled 'drug records', opines NY beak
Auntie remains MYSTIFIED by that weekend BBC iPlayer and website outage
Still doing 'forensics' on the caching layer – Beeb digi wonk
Manic malware Mayhem spreads through Linux, FreeBSD web servers
And how Google could cripple infection rate in a second
BlackBerry: Toss the server, mate... BES is in the CLOUD now
BlackBerry Enterprise Services takes aim at SMEs - but there's a catch
The triumph of VVOL: Everyone's jumping into bed with VMware
'Bandwagon'? Yes, we're on it and so what, say big dogs
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.