San Francisco, California--(Newsfile Corp. - July 20, 2023) - Hagens Berman urges Seagate Technology Holdings plc (NASDAQ: STX) investors who suffered substantial losses to submit your losses now.
Class Period: Sept. 15, 2020 - Oct. 25, 2022
Lead Plaintiff Deadline: Sept. 8, 2023
Visit: www.hbsslaw.com/investor-fraud/STX
Contact An Attorney Now: [email protected]
844-916-0895
Seagate Technology Holdings plc (STX) Securities Fraud Class Action:
The litigation focuses on Seagate's past assurances that it complied with the U.S. Export Administration Regulations ("EAR"), including all requirements against doing business with companies that federal agencies believe represent national security and foreign policy threats to the U.S. These companies are contained in the U.S Commerce Department's Bureau of Industry and Security ("BIS") Entity List.
The complaint alleges Defendants made misleading statements and failed to disclose: (i) the nature and magnitude of Seagate's hard disk drive ("HDD") sales to BIS Entity Huawei (including Seagate's significant acceleration in such sales immediately after BIS rules became effective) and that 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 violative of BIS export rules.
Investors began to learn the truth on Oct. 26, 2022, when Seagate revealed that in late Aug. 2022 it received a Proposed Charging Letter from BIS alleging violations of the EAR by providing HDDs to a customer on the BIS Entity List between Aug. 2020 and Sept. 2021.
Then, on Apr. 19, 2023, BIS announced Seagate agreed to pay "the largest standalone penalty in BIS history" ($300 million) to settle BIS' claims that Seagate illegally shipped more than 7.4 million HDDs, valued at about $1.1 billion, to Huawei, which had been on the BIS Entity List since May 2019.
These events sent the price of Seagate shares sharply lower.
"We're focused on investors' losses and proving Seagate recorded illegal revenues when putting profits over U.S. national security interests," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Seagate and have substantial losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Seagate should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
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About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
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