Confusion Spikes Shares of STEC

Shares of solid-state drive company STEC, Inc STEC have been very volatile during Wednesday's trading session after a similar-named company filed a patent infringement claim against Apple AAPL. The company who did file this lawsuit against Apple is named STEC IP, LLC, which has a eerily similar name to the publicly-traded company STEC, Inc. Below is a snip-it of the first quarter of what people see upon first glimpse:
stecaapl.jpg
No wonder why many different new sources and traders thought it was the same company. Benzinga reached out to the publicly-traded STEC, Inc, and a spokesperson with the company stated that their company STEC, Inc has no affiliation with the company suing Apple, STEC IP, LLC. Shares of STEC spiked over 2% higher just after 10:30 a.m. ET as the document started circulating among different financial wires and trading desks. Currently, the company is trading down about 1.66% on the session at $7.11 per share.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsRumorsLegalIntraday Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!