Class Action Vs. Seagate by The Gross Law Firm

The Gross Law Firm issues the following notice to shareholders of Seagate Technology Holdings plc.

Shareholders who purchased shares of Seagate during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.

Class period: September 15, 2020 to October 25, 2022

Allegations: The complaint alleges that during the class period, defendants issued materially false and/or misleading statements and/or failed to disclose that: (a) the nature and magnitude of Seagate’s HDD sales to Huawei Technologies Co. Ltd., including that the manufacturer experienced a significant acceleration in sales to Huawei immediately after the US 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 US 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 US Department of Commerce and exposed the company to hundreds of millions of dollars in fines and penalties.

Dealine: September 8, 2023 shareholders should not delay in registering for this class action.