Bronstein, Gewirtz & Grossman, LLC, a well-known law firm, has filed a class action lawsuit against Intel Corporation and certain officials, alleging violations of federal securities laws. The lawsuit aims to recover damages on behalf of individuals and entities who purchased Intel securities between January 25, 2024, and April 25, 2024.
The lawsuit claims that Intel announced a shift to an “internal foundry model” in October 2022, which would impact revenue and costs allocated to Intel products. Subsequent updates on the Foundry model highlighted reorganization efforts and financial reporting changes. However, on April 2, 2024, Intel disclosed an operating loss in its Foundry segment, causing a significant drop in the company’s stock price.
Further financial results released on April 25, 2024, showed a decline in Intel’s Foundry segment revenue, leading to another drop in stock price. The complaint alleges that Intel made false statements about its business operations and failed to disclose adverse facts to investors. As a result, investors suffered losses due to the company’s actions.
A class action lawsuit has been initiated, and investors who incurred losses with Intel have until July 2, 2024, to request to be appointed as lead plaintiffs. Bronstein, Gewirtz & Grossman, LLC, offers representation on a contingency fee basis, where expenses and attorney fees are reimbursed only upon successful recovery. The firm has a track record of recovering significant amounts for investors in similar cases.
Investors seeking more information or wishing to join the class action lawsuit can visit the firm’s website or contact Peretz Bronstein, Esq., or Nathan Miller at Bronstein, Gewirtz & Grossman, LLC. The firm can be reached by phone or email, and there is no cost to investors to participate in the lawsuit.
Bronstein, Gewirtz & Grossman, LLC is a reputable firm specializing in securities fraud class actions and shareholder derivative lawsuits, with a history of recovering substantial amounts for investors. Past performance is not indicative of future results.
For more information, interested parties can refer to the original press release on accesswire.com.
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