The Heat On A Hot Growth Company
On May 11, Commerce Dept. and FBI agents raided the Costa Mesa (Calif.) headquarters of Satellite Technology Management and seized records of STM's exports of satellite communications gear to several countries, including Iran. STM Senior Vice-President Steve Strohman denies any violation of export laws, saying no charges have been filed against the company. STM is No.17 on BUSINESS WEEK's Hot Growth list (page 6858 ), which had gone to press at the time of the raid. On May 12, STM shares fell 1 5/8, to close at 7 3/8.