The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Seagate Technology Holdings plc (NASDAQ: STX) who purchased common stock between September 15, 2020 and October 25, 2022. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the Seagate lawsuit alleges that (a) the nature and magnitude of Seagate’s hard disk drive (“HDD”) sales to Huawei Technologies Co. Ltd. (“Huawei”), including that Seagate experienced a significant acceleration in sales to Huawei immediately after the U.S. Department of Commerce Bureau of Industry and Security (“BIS”) rules went into effect and Seagate’s competitors stopped selling to Huawei; and (b) the underlying details of Seagate’s HDD manufacturing process, including the use of covered U.S. software and technology in “essential ‘production’” processes, rendered its sales to Huawei in violation of the BIS export rules. As a result, Seagate was in blatant violation of the BIS export rules which resulted in an ongoing investigation by the U.S. Department of Commerce and exposed Seagate to hundreds of millions of dollars in fines and penalties.
Shareholders have until September 8, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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