Seagate Technology Holdings plc (NasdaqGS: STX)
Seagate and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On October 26, 2022, the Company disclosed that it received a Proposed Charging Letter from the U.S. Department of Commerce Bureau of Industry and Security (“BIS”) alleging that Seagate violated the Export Administration Regulations by providing Seagate hard disk drives to “a customer and its affiliates listed on the BIS Entity List between August 2020 and September 2021.”
On this news, shares of Seagate fell nearly 8%, damaging investors, falling nearly an additional 7% over the following three trading days.
The case is UA Local 38 Defined Contribution Pension Plan v. Seagate Technology Holdings plc, No. 23-cv-03431.