STX Investors Have Opportunity to Lead Seagate Technology Holdings plc Securities Fraud Lawsuit

LOS ANGELES , July 25, 2023 /PRNewswire/ -- The Law Offices of Frank R. Cruz announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Seagate Technology Holdings plc ("Seagate" or the "Company") (NASDAQ: STX).

Class Period: September 15, 2020 – October 25, 2022
Lead Plaintiff Deadline: September 8, 2023

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

On October 26, 2022, before the market opened, Seagate disclosed that it had been warned by the U.S. Commerce Department's Bureau of Industry and Security ("BIS") that it may have violated export control laws by selling hard disk drives ("HDDs") to a customer on the trade blacklist, reportedly China-based Huawei.

On this news, Seagate's stock fell $4.61, or 7.9%, to close at $53.39 on October 26, 2022, thereby injuring investors.

The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors: (1) 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; (2) 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; (3) 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 the Company to hundreds of millions of dollars in fines and penalties; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.  If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com.  If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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

SOURCE The Law Offices of Frank R. Cruz, Los Angeles