Law Offices of Howard G. Smith reminds investors of the upcoming September 8, 2023 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Seagate Technology Holdings plc (“Seagate” or the “Company”) (NASDAQ: STX) common stock between September 15, 2020 and October 25, 2022, inclusive (the “Class Period”).

Investors suffering losses on their Seagate investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On October 26, 2022, before the market opened, Seagate disclosed that it had been warned by the U.S. Commerce Department’s Bureau of Industry and Security (“BIS”) that it may have violated export control laws by selling hard disk drives (“HDDs”) to a customer on the trade blacklist, reportedly China-based Huawei.

On this news, Seagate’s stock fell $4.61, or 7.9%, to close at $53.39 on October 26, 2022, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) the nature and magnitude of Seagate’s HDD sales to Huawei, including that Seagate experienced a significant acceleration in sales to Huawei immediately after the BIS rules went into effect and Seagate’s competitors stopped selling to Huawei; (2) that 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; (3) 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 the Company to hundreds of millions of dollars in fines and penalties; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired Seagate common stock during the Class Period, you may move the Court no later than September 8, 2023 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

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