| COMPANY |
Seagate Technology Holdings plc |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
3:23-cv-03431 |
| JUDGE |
The Honorable Vince Chhabria |
| CLASS PERIOD |
between September 15, 2020 through April 19, 2023 |
| SECURITY TYPE |
Common Stock |
Case Background:
This is a class action lawsuit on behalf of those who purchased or acquired Seagate Technology Holdings plc (“Seagate”) (NASDAQ: STX) common stock between September 15, 2020 and April 19, 2023, both dates inclusive (the “Class Period”).
The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the nature and magnitude of Seagate’s HDD sales to Huawei, including that Seagate experienced a significant acceleration in sales to Huawei immediately after the BIS rules went into effect and Seagate’s competitors stopped selling to Huawei; and (2) 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.
Current Status of Case:
On August 8, 2024, the Court entered an Order Granting the Motion to Dismiss with leave to amend. On September 12, 2024, Lead Plaintiffs filed an Amended Complaint. On October 28, 2024, Defendants filed a Motion to Dismiss which is currently being briefed by the parties. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.