Bragar Eagel & Squire Investigating Seagate
For violating federal securities laws and/or engaged in other unlawful business practices
This is a Press Release edited by StorageNewsletter.com on May 4, 2023 at 2:01 pmBragar Eagel & Squire, P.C., a stockholder rights law firm, is investigating potential claims against Seagate Technology Holdings plc on behalf of Seagate stockholders.
The investigation concerns whether Seagate has violated the federal securities laws and/or engaged in other unlawful business practices.
On April 19, 2023, the Bureau of Industry and Security (BIS) issued a release stating BIS imposed a $300 million penalty against Seagate related to shipments to Huawei.
The release reported the civil penalty is to “resolve alleged violations of U.S. export controls related to selling HDDs to Huawei Technologies Co. Ltd. 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.”
On this news, Seagate’s stock price fell $2.44, or 3.88%, in intraday trading on April 20, 2023.
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