Seagate Technology Holdings plc (STX)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Seagate Technology Holdings plc (“Seagate” or the “Company”) (NASDAQ: STX). Investors who purchased Seagate shares are encouraged to obtain additional information and assist the investigation.
The investigation concerns whether Seagate violated federal securities laws.
On April 19, 2023, the Bureau of Industry and Security (BIS) announced that it had imposed a $300 million penalty against Seagate related to shipments to Huawei. The report cited the civil penalty is to “resolve alleged violations of U.S. export controls related to selling hard disk drives (HDDs) to Huawei Technologies Co. Ltd. (Huawei) in violation of the foreign direct product (FDP) rule. This historic foreign direct product enforcement case and settlement represents the largest standalone administrative penalty in BIS history. Today’s resolution also includes a multi-year audit requirement and a five-year suspended Denial Order.” Following this news, Seagate stock dropped $5.78 per share, or 9.2%, to close at $57.08 on April 20, 2023.
If you are aware of any facts relating to this investigation or purchased Seagate shares, you can assist this investigation. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.