Class Action Complaint Filed Vs. Seagate by The Klein Law Firm

The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Seagate Technology Holdings plc alleging that the company violated federal securities laws.

Class period: September 15, 2020 to October 25, 2022

Lead plaintiff deadline: September 8, 2023

The filed complaint alleges that Seagate made materially false and/or misleading statements and/or failed to disclose that:

• (a) the nature and magnitude of Seagate’s HDD sales to Huawei Technologies Co. Ltd., including that Seagate experienced a significant acceleration in sales to Huawei immediately after the US 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 US 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 US Department of Commerce and exposed Seagate to hundreds of millions of dollar in fines and penalties.