Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, July 13, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Seagate Technology Holdings plc (“Seagate” or the “Company”) (NASDAQ: STX) investors that a lawsuit filed on behalf of investors that purchased Seagate securities between September 15, 2020 and October 25, 2022, both dates inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The lawsuit claims that Seagate engaged in actions that were materially false and/or misleading, or that they failed to disclose significant negative information. The allegations include the following:
a) Seagate's HDD sales to Huawei were not accurately disclosed, including the fact that Seagate experienced a substantial increase in sales to Huawei immediately after the U.S. Department of Commerce Bureau of Industry and Security's (BIS) rules came into effect, and when Seagate's competitors ceased selling to Huawei.
b) The lawsuit alleges that Seagate's HDD manufacturing process involved the use of covered U.S. software and technology in crucial "production" processes. As a result, Seagate's sales to Huawei were in violation of the BIS export rules, and the specific details about this manufacturing process were not properly disclosed.
c) Seagate was found to be in violation of the BIS export rules, leading to an ongoing investigation by the U.S. Department of Commerce. This violation exposed the company to potential fines and penalties in the hundreds of millions of dollars.
Please note that the aforementioned rephrased statements are based on the information provided in the lawsuit and should not be considered as factual assertions.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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