Bernstein Litowitz Berger & Grossmann LLP and Motley Rice LLC Announce Proposed Class Action Settlement on Behalf of Purchasers of Seagate Technology Holdings plc Common Stock

SAN FRANCISCO, Aug. 11, 2026 (GLOBE NEWSWIRE) -- Bernstein Litowitz Berger & Grossmann LLP and Motley Rice LLC announce that the United States District Court for the Northern District of California has approved the following announcement of a proposed class action settlement that would benefit purchasers of Seagate Technology Holdings plc common stock (NASDAQ: STX):

UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT; (II) SETTLEMENT FAIRNESS HEARING; AND (III) MOTION FOR ATTORNEYS’ FEES AND LITIGATION EXPENSES

TO: All persons and entities who purchased or otherwise acquired common stock of Seagate Technology Holdings plc from September 14, 2020 through April 19, 2023, inclusive (the “Class Period”), and were allegedly damaged thereby (“Settlement Class”):¹

PLEASE READ THIS NOTICE CAREFULLY; YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Northern District of California (“Court”), that the above-captioned securities class action (the “Action”) is pending in the Court.

YOU ARE ALSO NOTIFIED that (i) Lead Plaintiffs Universal-Investment-Gesellschaft mbH, Universal-Investment-Luxembourg S.A., UI BVK Kapitalverwaltungsgesellschaft mbH, Public Employees’ Retirement System of Mississippi, and Arkansas Public Employees’ Retirement System and (ii) defendant Seagate Technology Holdings plc (“Seagate” or the “Company”), and defendants William D. Mosley and Gianluca Romano (collectively, the “Individual Defendants” and, with Seagate, “Defendants”) have reached a proposed settlement of the Action on behalf of the Settlement Class for $175,000,000 in cash (the “Settlement”). If approved by the Court, the Settlement will resolve all claims in the Action.²

The Action involves allegations that Seagate and certain of its senior officers violated federal securities laws. Lead Plaintiffs allege that, during the period from September 14, 2020 through April 19, 2023, Seagate and the Individual Defendants—Seagate’s Chief Executive Officer, William D. Mosley, and Seagate’s Chief Financial Officer, Gianluca Romano—engaged in a scheme to defraud investors and made certain material misrepresentations and omissions about Seagate’s business, in violation of Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), including misleading statements and omissions concealing the export of over $1.1 billion in hard disk drives to a Chinese company in violation of U.S. export laws. Lead Plaintiffs also allege that the Individual Defendants controlled Seagate when the alleged misstatements were made, in violation of Section 20(a) of the Exchange Act. Defendants deny all allegations of fault, liability, wrongdoing, or damages, deny that they made any misleading statements or omissions, and deny any violations of the federal securities laws. Issues and defenses at issue in the Action included (i) whether Defendants made materially false statements or omissions; (ii) whether Defendants made the statements with the required state of mind; (iii) whether the alleged misstatements caused class members’ alleged losses; and (iv) the amount of damages, if any. These disputed issues have not been determined by the Court. The proposed settlement was reached following two mediation sessions and extensive arm’s-length negotiations conducted with the assistance of an experienced third-party mediator.

A hearing (“Settlement Hearing”) will be held on November 17, 2026 at 10:00 a.m. Pacific Time, before the Honorable Rita F. Lin, United States District Court Judge for the Northern District of California, in Courtroom 4, 17th Floor of the Phillip Burton Federal Building, 450 Golden Gate Avenue, San Francisco, CA 94102, and by Zoom videoconference, to determine, among other things: (i) whether, for purposes of settlement, the Action should be certified as a class action on behalf of the Settlement Class, Lead Plaintiffs should be appointed as Class Representatives for the Settlement Class, and Lead Counsel should be appointed as Class Counsel for the Settlement Class; (ii) whether the Settlement on the terms and conditions provided for in the Stipulation is fair, reasonable, and adequate to the Settlement Class, and should be finally approved by the Court; (iii) whether the Action should be dismissed with prejudice against Defendants and the releases specified and described in the Stipulation (and in the Notice) should be granted; (iv) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (v) whether Lead Counsel’s motion for attorneys’ fees and litigation expenses should be approved. Persons may access the Settlement Hearing via videoconference at https://cand.uscourts.gov/judges/lin-rita-f-rfl/. Any updates regarding the Settlement Hearing, including any changes to the date or time of the hearing or updates regarding in-person or remote appearances at the hearing, will be posted to the website for the Settlement, www.SeagateSecuritiesLitigation.com.

Lead Counsel, which have been prosecuting the Action on a wholly contingent basis, have not received any payment of attorneys’ fees for their representation of the Settlement Class and have advanced the funds to pay expenses necessarily incurred to prosecute the Action. Lead Counsel will apply to the Court for an award of attorneys’ fees in an amount not to exceed 25% of the Settlement Fund. In addition, Lead Counsel will apply for payment of Litigation Expenses in connection with the institution, prosecution, and resolution of the Action in an amount not to exceed $1.3 million. The total Notice and Administration Costs are estimated to be $679,000. Any fees and expenses awarded by the Court will be paid from the Settlement Fund. Settlement Class Members are not personally liable for any such fees or expenses.
        
If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement proceeds. This notice provides only a summary of the information contained in the detailed Notice. You may obtain a copy of the Notice, along with the Claim Form, by: (i) contacting the Claims Administrator at Seagate Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson Street, Suite 205, Media, PA 19063, 1-866-426-2293, info@SeagateSecuritiesLitigation.com; or (ii) downloading them from the website for the Settlement, www.SeagateSecuritiesLitigation.com.

To be eligible to receive a payment from the Settlement, you must be a member of the Settlement Class and submit a Claim Form either by mail to the Claims Administrator, postmarked by no later than October 19, 2026, or online, no later than October 19, 2026, in accordance with the instructions set forth in the Claim Form. If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the Settlement proceeds, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than October 27, 2026. Instructions on how to submit a request for exclusion are set forth in the Notice as well as at www.SeagateSecuritiesLitigation.com, where an online form to request exclusion (or “opt-out”) of the Settlement Class may be found. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not receive any benefits from the Settlement. If you do not properly exclude yourself from the Settlement Class, you will be bound by such judgments or orders, including the release of the claims asserted in the Action and related claims.

Any objections to the proposed Settlement, the proposed Plan of Allocation, and/or Lead Counsel’s motion for attorneys’ fees and expenses, should be submitted to the Court or online via the Settlement website. Objections must be filed or postmarked (if mailed) or submitted online no later than October 27, 2026. Instructions on how to submit an objection are set forth in the Notice as well as at www.SeagateSecuritiesLitigation.com, where an online form to file an objection may be found. As further set forth on the Settlement website, the Court may also allow Settlement Class Members to appear and address the Court at the Settlement Hearing. The Court can only approve or deny the Settlement and cannot change the terms of the Settlement. The requirement to submit a written objection as a prerequisite to appearing at the Settlement Hearing may be excused upon a showing of good cause. The Court will require only substantial compliance with the requirements for submitting an objection.

PLEASE DO NOT CONTACT THE COURT, THE CLERK’S OFFICE, DEFENDANTS, OR DEFENDANTS’ COUNSEL REGARDING THIS NOTICE. All questions about this notice, the Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.

Requests for the Notice and Claim Form should be made to the Claims Administrator:

Seagate Securities Litigation
c/o Strategic Claims Services
P.O. Box 230
600 N. Jackson Street, Suite 205
Media, PA 19063

1-866-426-2293
info@SeagateSecuritiesLitigation.com
www.SeagateSecuritiesLitigation.com

All other inquiries should be made to Lead Counsel:

________________________
¹ Certain persons and entities are excluded from the Settlement Class by definition, as set forth in the full Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for Attorneys’ Fees and Litigation Expenses (the “Notice”), available at www.SeagateSecuritiesLitigation.com.
² Capitalized terms not otherwise defined herein shall have the same meaning as in the Stipulation and Agreement of Settlement dated May 29, 2026 (“Stipulation”). The Stipulation can be viewed at www.SeagateSecuritiesLitigation.com.