Investigation of Seagate Technology Holdings plc (STX) Announced by Holzer & Holzer, LLC
https://www.globenewswire.com/news-release/2023/04/21/2652165/0/en/Investigation-of-Seagate-Technology-Holdings-plc-STX-Announced-by-Holzer-Holzer-LLC.html
5 replies (most recent on top)
I am joining this class action. All employees should join this so we get a share of our flesh from CEO & CFO criminals.
“ATLANTA, April 21, 2023 (GLOBE NEWSWIRE) -- Holzer & Holzer, LLC is investigating whether Seagate Technology Holdings plc (“Seagate” or the “Company”) (NASDAQ: STX) complied with federal securities laws. On April 19, 2023, Seagate disclosed that two subsidiaries of the Company entered into a settlement agreement with the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) and agreed to pay $300 million to resolve “BIS’s allegations regarding Seagate’s sales of hard disk drives to Huawei between August 17, 2020 and September 29, 2021.” Following this disclosure, the price of the Company’s stock dropped.
If you purchased Seagate stock and suffered a loss on that investment, you are encouraged to contact Corey Holzer, Esq. at cholzer@holzerlaw.com or Joshua Karr, Esq. at jkarr@holzerlaw.com, call our toll-free number at (888) 508-6832, or visit our website at www.holzerlaw.com/case/seagate/ to discuss your legal rights.”
Well Gang the optics on this are not good at all and I’m sorry in advance. We had about 260m shares outstanding in September 2020. This this about 1 to 2 months before a massive stock buyback was started. Was the stock buyback some sort high school law degree attempt to minimize a class action? Even at a settlement of just $10 per share Seagate could be in deep trouble.
At $20 per share that’s almost half of Seagate’s net worth unless my math is way off. Also share prices were much higher at that point ($80 to $90). Can the CEO and CFO survive? For that matter can Seagate?
Mission First People Always (eye roll)
Stock price was $80 to $90 back on the dates they are talking about. Just like the Dr. say’s when you’re bent over the table “you might feel a little pressure here”. CEO and CFO are going to have some chilly All Hands Meetings going forward.
Ambulance chasers.
Sharks moving in on juicy chum.