Law Offices of Howard G. Smith announces an investigation on behalf of Seagate Technology Holdings plc (“Seagate” or the “Company”) (NASDAQ: STX) investors concerning the Company’s possible violations of federal securities laws.
On April 19, 2023, the Bureau of Industry and Security (“BIS”) announced that it had imposed a $300 million penalty on Seagate Technology LLC and Seagate Singapore International Headquarters Pte. Ltd for violating the foreign direct-product rule, which prohibits American firms from doing certain kinds of business with Chinese technology company, Huawei Technologies Co. Ltd. BIS alleged that Seagate continued to sell more than 7.4 million hard-disk drives to Huawei without authorization and repeatedly authorized lines of credit to Huawei. Seagate stated that it will pay the fine in quarterly installments of $15 million over five years.
On this news, Seagate’s stock price fell $5.78, or 9.2%, to close at $57.08 per share on April 20, 2023, thereby injuring investors.
If you purchased Seagate securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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