Seagate is facing a class action lawsuit alleging that the Company made materially false and/or misleading statements and/or failed to disclose that: (a) the nature and magnitude of Seagate’s hard disk drive (“HDD”) sales to Huawei Technologies Co. Ltd. (“Huawei”), including that Seagate experienced a significant acceleration in sales to Huawei immediately after the U.S. 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 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.
If you incurred a loss on STX common stock purchased between September 15, 2020 and October 25, 2022, this lawsuit is on your behalf. The lawsuit was filed in the United States District Court for the Northern District of California, and our firm is reaching out to investors to discuss their legal rights.
If you wish to act as a representative of the shareholders harmed by this misconduct, you may ask the court to appoint you as lead plaintiff. A lead plaintiff directs the litigation and participates in important decisions, including whether to accept a settlement for the class in the action.
You only have until September 8, 2023 to apply to be lead plaintiff. The court will then evaluate the applicants and choose a lead plaintiff. You are not required to act as a lead plaintiff in order to participate in any recovery.
Enter the following information for this class action case- the deadline is approaching.