NEW YORK, Nov. 07, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in Seagate Technology Holdings plc (“Seagate” or the “Company”) (NASDAQ: STX). Those investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, extension 7980.

The investigation addresses whether Seagate and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

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On October 26, 2022, Seagate reported its financial results for the fiscal first quarter ended September 30, 2022. Minutes later, Seagate announced in a filing with the United States Securities and Exchange Commission (“SEC”) that the company was being blacklisted by the US government for its possible violation of export control laws by selling hard drives to a customer between August 2020 and September 2021, which is believed to be China’s Huwei. Huwei is on the U.S. Department of Commerce’s list of companies and banned from purchasing U.S. exports and certain foreign-made items without government approval. Seagate received a Proposed Charging Letter from the US Department of Commerce on August 29, 2022. Seagate’s position is that the drives are not subject to US export regulations and have not engaged in any prohibited conduct. Previously, Seagate had suspended shipments to Huwei a year earlier.

According to the disclosures in the company’s SEC filing, Seagate’s common stock 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 recognized as one of the leading law firms specializing in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, best known as Dean of the Class Bar Association, Pomerantz pioneered the field of securities class action….