software and technology in "essential 'production'" processes, rendered its sales to Huawei in violation of the BIS export rules (3) as a result, Seagate was in blatant violation of the BIS export rules which resulted in an ongoing investigation by the U.S. The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors: (1) the nature and magnitude of Seagate's HDD sales to Huawei, including that Seagate experienced a significant acceleration in sales to Huawei immediately after the BIS rules went into effect and Seagate's competitors stopped selling to Huawei (2) that the underlying details of Seagate's HDD manufacturing process, including the use of covered U.S. On this news, Seagate's stock fell $4.61, or 7.9%, to close at $53.39 on October 26, 2022, thereby injuring investors. Commerce Department's Bureau of Industry and Security ("BIS") that it may have violated export control laws by selling hard disk drives ("HDDs") to a customer on the trade blacklist, reportedly China-based Huawei. On October 26, 2022, before the market opened, Seagate disclosed that it had been warned by the U.S. If you are a shareholder who suffered a loss, click here to participate. Lead Plaintiff Deadline: September 8, 2023 ![]() Cruz announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Seagate Technology Holdings plc ("Seagate" or the "Company") STX. LOS ANGELES , J/PRNewswire/ - The Law Offices of Frank R.
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