The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California against Seagate Technology Holdings plc (“Seagate”) (NASDAQ: STX). The action charges Seagate with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Seagate’s materially misleading statements and omissions to the public, Seagate’s investors have suffered significant losses.
CLICK HERE TO SUBMIT YOUR SEAGATE LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/seagate-technology-holdings-plc?utm_source=PR&utm_medium=link&utm_campaign=stx&mktm=r
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LEAD PLAINTIFF DEADLINE: SEPTEMBER 8, 2023
CLASS PERIOD: SEPTEMBER 15, 2020 THROUGH OCTOBER 25, 2022
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
SEAGATE’S ALLEGED MISCONDUCT
Seagate is a leading global supplier of data storage products, including hard disk drives (“HDDs”), and the company, Huawei Technologies Co. Ltd. (“Huawei”), is a significant purchaser of these products. On May 16, 2019, Huawei and certain of its non-U.S. affiliates were added to the U.S. Department of Commerce Bureau of Industry and Security’s (“BIS”) Export Administration Regulations Entity List, which is a list of names of certain foreign persons and entities that are subject to specific license requirements for the export, re-export, and/or transfer (in-country) of specified items.
On October 26, 2022, Seagate disclosed that it received a Proposed Charging Letter from the BIS alleging that Seagate violated the Expert Administration Regulations by providing Seagate HDDs to “a customer and its affiliates listed on the BIS Entity List between August 2020 and September 2021.”
Following this news, the price of Seagate common stock fell nearly 8%, and fell an additional near 7% over the following three trading days.
WHAT CAN I DO?
Seagate investors may, no later than September 8, 2023, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Seagate investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Seagate, captioned UA Local 38 Defined Contribution Pension Plan v. Seagate Technology Holdings plc, et al. and docketed under 23-cv-03431, is filed in the United States District Court for the Northern District of California before the Honorable Susan Yvonne Illston.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.