Robbins LLP has issued a reminder to investors regarding a class action lawsuit filed by a shareholder against Intel Corporation (NASDAQ: INTC). The lawsuit covers the period between January 25, 2024, and April 25, 2024, during which time Intel, a company that designs, develops, manufactures, and sells computing and related products worldwide, allegedly misrepresented its business prospects.
The lawsuit alleges that Intel’s CEO announced a shift to an Internal Foundry model, which was supposed to bring cost-saving and margin-improving benefits to the company. However, when the company disclosed its financial results under the new Foundry model reporting structure in April 2024, it revealed that the Foundry segment had experienced an operating loss of $7 billion on sales of $18.9 billion in 2023. This news caused Intel’s stock price to fall.
Further financial results for the first quarter of 2024 showed a 10% decrease in the foundry segment revenue compared to the previous year, leading to another drop in Intel’s stock price. The lawsuit claims that the defendants failed to disclose significant information to investors, including the operating losses in the Foundry segment and a decline in product profits.
Investors who wish to participate in the class action lawsuit against Intel Corporation have the opportunity to file motions with the Court by July 2, 2024, to potentially serve as lead plaintiff for the class. Robbins LLP, a law firm specializing in shareholder rights litigation, is dedicated to helping shareholders recover losses and hold company executives accountable for any wrongdoing.
For more information and to stay updated on the progress of the class action lawsuit, investors can sign up for alerts with Stock Watch. It is important to note that past results do not guarantee a similar outcome in legal matters.
Overall, the lawsuit against Intel Corporation highlights alleged misrepresentations by the company regarding its business prospects and financial performance, leading to investor losses and prompting legal action to seek accountability and potential recovery for affected shareholders.
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https://www.globenewswire.com/news-release/2024/05/23/2887714/32719/en/INTC-Stockholders-Robbins-LLP-Reminds-INTC-Stockholders-of-Securities-Fraud-Class-Action-Against-Intel-Corporation.html
