BOSTON, April 21, 2023 (GLOBE NEWSWIRE) -- Block & Leviton is investigating Seagate Technology Holdings plc (NASDAQ: STX) for potential securities law violations. Investors who have lost money in their Seagate Technology Holdings plc investment should contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/stx.
What is this all about?
Before the market opened on October 26, 2022, Seagate Technology Holdings plc announced financial results for the quarter ending September 30, 2022. That same day Seagate disclosed receipt of a “proposed charging letter” from U.S. Commerce Department on August 29, 2022 for allegedly selling hard disk drives to China’s Huawei, despite their being on a trade blacklist and transactions with Huawei requiring government approval. Seagate’s position at the time was that the hard disk drives were not subject to the U.S. export regulations, and that it did not engage in prohibited conduct.
Shares of Seagate Technology stock dropped more than 10% in intraday trading after the market opened on October 26, 2022.
On April 19, 2023, after the market closed, Seagate disclosed that it had entered into a five year settlement agreement with the U.S. Commerce Department agreeing to pay $300 million, and complete several compliance audits to resolve the allegations of sales to Huawei between August 17, 2020 and September 29, 2021.
Seagate Technology shares dropped more than 9% in intraday trading on April 20, 2023.
Who is eligible?
Anyone who purchased Seagate Technology Holdings plc stock and has lost money may be eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What is Block & Leviton doing?
Block & Leviton is investigating whether the Company committed securities law violations and may file an action to attempt to recover losses on behalf of investors who have lost money.
What should you do next?
If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at cases@blockleviton.com, or by phone at (617) 398-5600.
Why should you contact Block & Leviton?
Many law firms have issued releases about this matter; most of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email cases@blockleviton.com with any questions.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com
