Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Seagate Technology Holdings plc (“Seagate”) (NASDAQ: STX) common stock between September 14, 2020 and April 19, 2023, inclusive (the “Class Period”).
Seagate is a data storage company, with hard disk drives (“HDDs”) being its principal products.
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the nature and magnitude of Seagate’s advanced HDD sales to Huawei, the world’s largest telecommunications equipment supplier, including that Seagate experienced a significant acceleration in sales to Huawei immediately after the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) rules went into effect and Seagate’s competitors stopped selling to Huawei; and (2) 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.
Current Status of Case:
On December 16, 2025, Lead Plaintiffs filed the Motion for Class Certification. This action is in the discovery phase and is ongoing.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.