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 October 26, 2022, Seagate announced its financial results for its fiscal first quarter ended September 30, 2022. Minutes later, Seagate disclosed in a filing with the U.S. Securities and Exchange Commission (“SEC”) that the Company had been warned by the U.S. government of its potential violation of export control laws by selling hard disk drives to a customer on a trade blacklist between August 2020 and September 2021, which is believed to be China’s Huwei. Huwei is on the U.S. Commerce Department’s entity list and banned from buying U.S. exports and certain foreign-made items without government approval. Seagate received a “proposed charging letter” from the U.S. Commerce Department on August 29, 2022. Seagate’s position is that the hard disk drives are not subject to the U.S. export regulations, and it did not engage in prohibited conduct. Seagate had previously paused shipments to Huwei a year earlier. Following the disclosures in the Company’s SEC filing, Seagate’s ordinary share price fell $4.61 per share, or 7.95%, to close at $53.39 per share on October 26, 2022.
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 Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.