LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Seagate Technology Holdings plc (“Seagate” or the “Company”) (NASDAQ: STX) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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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.
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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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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