NEW
YORK, Aug. 4, 2023 /PRNewswire/
-- Jakubowitz Law announces that a securities
fraud class action lawsuit has commenced on behalf of
shareholders of Seagate Technology Holdings plc (NASDAQ: STX).
To receive updates on the lawsuit, fill out the
form:
https://claimyourloss.com/securities/seagate-class-action-loss-submission-form/?id=42955&from=4
The lawsuit seeks to recover losses for shareholders who
purchased Seagate between September 15,
2020 and October 25, 2022.
Shareholders interested in acting as a lead plaintiff
representing the class of wronged shareholders have until
September 8, 2023 to petition
the court. Your ability to share in any recovery doesn't require
that you serve as a lead plaintiff.
According to a filed complaint, Seagate Technology Holdings plc
issued materially false and/or misleading statements and/or failed
to disclose that: (a) the nature and magnitude of Seagate's hard
disk drive ("HDD") sales to Huawei Technologies Co. Ltd.
("Huawei"), including that Seagate experienced a significant
acceleration in sales to Huawei immediately after the U.S.
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 U.S. 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 U.S. Department of
Commerce and exposed Seagate to hundreds of millions of dollars in
fines and penalties.
Jakubowitz Law is vigorous in pursuit of justice for
shareholders who have been the victim of securities
fraud. Attorney advertising. Prior results do not
guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (628) 895-0423
F: (212) 537-5887
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SOURCE Jakubowitz Law