Class Action Cases

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Attorneys

Rina Restaino

Brian Schall

Seagate Technology Holdings plc

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Seagate is the subject of a statement released by the Bureau of Industry and Security (BIS) on April 19, 2023. According to the statement, the Company will pay a $300 million penalty to “resolve alleged violations of U.S. export controls related to selling hard disk drives (HDDs) to Huawei Technologies Co. Ltd. (Huawei) in violation of the foreign direct product (FDP) rule. This historic foreign direct product enforcement case and settlement represents the largest standalone administrative penalty in BIS history. Today’s resolution also includes a multi-year audit requirement and a five-year suspended Denial Order.”

Press Release

SHAREHOLDER ACTION NOTICE: The Schall Law Firm Encourages Investors in Seagate Technology Holdings plc with Losses of $100,000 to Contact the Firm

Los Angeles, July 11, 2023 — The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Seagate Technology Holdings plc (“Seagate” or “the Company”) (NASDAQ: STX) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company’s securities between September 15, 2020 and October 25, 2022, inclusive (the ”Class Period”), are encouraged to contact the firm before September 8, 2023.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at brian@schallfirm.com.

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Seagate increased its sales of hard drives to Huawei when its competitors stopped selling to the Chinese company when it was added to the U.S. Department of Commerce Bureau of Industry and Security’s (“BIS”) Export Administration Regulations (“EAR”) Entity List (“Entity List”). The Company’s sales to Huawei was a violation of BIS export rules. These violations would result in investigations and hundreds of millions in fines and penalties levied against the Company. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Seagate, investors suffered damages.

Join the case to recover your losses.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com

Office: 310-301-3335

info@schallfirm.com

SOURCE:

The Schall Law Firm

Cases

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