Recent Security Class Actions

Seagate Technology Holdings PLC Ordinary Shares (Ireland) (NASDAQ: STX)

Company Name:Seagate Technology Holdings PLC Ordinary Shares (Ireland)
Stock Symbol:NASDAQ: STX
Class Period Start:09/14/2020
Class Period End (inclusive):04/19/2023
Filing Deadline:09/08/2023

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.