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Seagate Technology Holdings plc

Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Seagate Technology Holdings plc (NASDAQ: STX) resulting from allegations that Seagate may have issued materially misleading business information to the investing public.

If you purchased Seagate securities and would like to join the prospective action, please click “Join This Class Action.”

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If you purchased Seagate securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

Details of investigation:

On April 19, 2023, the Bureau of Industry and Security (BIS) issued a release stating BIS imposed a $300 million penalty against Seagate related to shipments to Huawei. The release reported 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.”

On this news, Seagate’s stock price fell $2.44, or 3.88%, in intraday trading on April 20, 2023.

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Company Name: Seagate Technology Holdings plc
Stock Symbol: STX
Class Period: N/A
Court: N/A
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