SAN DIEGO, July 11, 2023 (GLOBE NEWSWIRE) -- Johnson Fistel, LLP, a shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of Seagate Technology Holdings plc (NASDAQ: STX) investors who acquired common stock between September 15, 2020 and October 25, 2022, inclusive (the “Class Period”). If you are a shareholder who incurred losses during this period, you have until September 8, 2023, to move the court to become a lead plaintiff in this action.
If you would like more information and want to join the class action, please click or copy and paste the following link:
https://www.johnsonfistel.com/investigations/seagate-technology
As the Seagate class action lawsuit alleges, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (i) 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 (ii) that 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.
A lead plaintiff will act on behalf of all other class members in directing the class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.
Johnson Fistel, LLP is a shareholder rights law firm representing individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information, visit their website http://www.johnsonfistel.com.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
Investor Relations
jimb@johnsonfistel.com
