The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Seagate Technology Holdings plc (“Seagate” or “the Company”) (NASDAQ: STX) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Seagate is the subject of a statement released by the Bureau of Industry and Security (BIS) on April 19, 2023. According to the statement, the Company will pay a $300 million penalty 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.”
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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