NEW YORK, Oct. 27, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Seagate Technology Holdings plc ("Seagate" or the "Company") (NASDAQ: STX). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Seagate and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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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.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
