Stocks were hit just after 3:30pm when the WSJ reported that Federal prosecutors are pursuing a criminal investigation of China’s Huawei Technologies - whose CFO was arrested late last year and is pending extradition to the US - for allegedly stealing trade secrets from U.S. business partners, "including the technology behind a robotic device called “Tappy” that T-Mobile US Inc. used to test smartphones."
As the WSJ reports, the criminal investigation grew in part out of civil lawsuits against Huawei, "including one in which a Seattle jury found Huawei liable for misappropriating robotic technology from T-Mobile’s."
The probe is said to be at an advanced stage and could lead to an indictment soon.
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