NEW YORK, October 27, 2022 /PRNewswire/ — Pomerantz LLP Investigating Claims on Behalf of Investors of Seagate Technology Holdings plc (“Seagate” or the “Company”) STX. Such investors are advised to get in touch Robert S Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.
The investigation addresses whether Seagate and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
[Click here for information about joining the class action]
On October 26, 2022Seagate announced its financial results for the first fiscal quarter just ended 09/30/2022. Minutes later, Seagate announced in a filing with the United States Securities and Exchange Commission (“SEC”) that the company had been warned by the US government about its potential violation of export control laws by selling hard drives to a blacklisted customer between Aug 2020 and Sep 2021what to assume of China Huwei. Huwei is on the U.S. Department of Commerce’s list of companies and banned from purchasing U.S. exports and certain foreign-made items without government approval. Seagate received a Proposed Charging Letter from the US Department of Commerce. August 29, 2022. Seagate’s position is that the drives are not subject to US export regulations and have not engaged in any prohibited conduct. A year earlier, Seagate had suspended deliveries to Huwei.
Following the disclosures in the company’s SEC filing, Seagate’s common stock fell in price $4.61 per share, or 7.95%, to close $53.39 per share October 26, 2022.
Pomerantz LLP, with offices in new York, Chicago, los Angeles, London, Parisand Tel Aviv, is recognized as one of the leading law firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as Dean of the Class Chamber, Pomerantz pioneered securities class actions. Today, more than 85 years later, Pomerantz continues…
