Investigation of Seagate by Rosen Law Firm …
For Bureau of Industry and Security imposing $300 million penalty related to shipments of HDDs to Huawei
This is a Press Release edited by StorageNewsletter.com on April 26, 2023 at 2:01 pmWhy?
Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Seagate Technology Holdings plc resulting from allegations that the manufacturer may have issued materially misleading business information to the investing public.
So what?
If you purchased Seagate securities, you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
What is this about?
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 US 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 5-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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