Stock Track | Applied Materials Plunges 5.26% in Pre-Market on $252 Million Settlement Over Illegal China Exports

Stock Track
Feb 12

Applied Materials Inc. (AMAT) shares plummeted 5.26% in pre-market trading on Thursday.

The sharp decline comes after the company agreed to pay a $252 million penalty to settle allegations of illegally exporting semiconductor manufacturing equipment to China. The U.S. Department of Commerce announced the settlement, resolving an investigation into shipments made to China's Semiconductor Manufacturing International Corp (SMIC) without required export licenses between 2021 and 2022.

While the settlement resolves the regulatory matter and related investigations by the Department of Justice and Securities and Exchange Commission have been closed, investors reacted negatively to the substantial financial penalty and the underlying compliance issues.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10