Class Action Lawsuit Vs. Seagate
By Kahn Swick & Foti
This is a Press Release edited by StorageNewsletter.com on July 12, 2023 at 2:01 pmKahn Swick & Foti, LLC (KSF) and KSF partner, former attorney general of Louisiana, Charles C. Foti, Jr., remind investors that they have until September 8, 2023 to file lead plaintiff applications in a securities class action lawsuit vs. Seagate Technology Holdings plc, if they purchased the company’s shares between September 15, 2020 and October 25, 2022, inclusive . This action is pending in the United States District Court for the Northern District of California.
About the Lawsuit
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 US Department of Commerce Bureau of Industry and Security (BIS) alleging that Seagate violated the Export Administration Regulations by providing Seagate HDD 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.
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