Seagate Technology Holdings plc
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
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.
According to the complaint, the defendants are accused of making false and/or deceptive statements or failing to disclose the following: (i) The Company hid the true extent of its supply chain issues while exaggerating its ability to maintain a strong supply chain amidst global pressures; (ii) Consequently, the Company’s projected earnings were significantly misleading during the Class Period; (iii) Once these issues were revealed, they were expected to have a substantial negative impact on the Company’s financial condition; and (iv) As a result, the Company’s public statements were materially false and deceptive throughout the relevant period. As a consequence, Baxter’s stock price experienced a decline of approximately 50% during the Class Period, resulting in the loss of billions of dollars in market capitalization.
