Bronstein, Gewirtz & Grossman, LLC, a well-known law firm, has filed a class action lawsuit against Intel Corporation and certain officers for alleged violations of federal securities laws. The lawsuit covers all individuals and entities who bought or acquired Intel securities between January 25, 2024, and April 25, 2024. The lawsuit claims that Intel misled investors about its Internal Foundry model, leading to significant stock price declines.
Intel’s CEO announced the Internal Foundry model in October 2022, which aimed to recognize revenue from external customers and Intel products. Subsequent updates in June 2023 and April 2024 revealed reorganizations within the company, with the Foundry segment experiencing an operating loss of $7 billion in 2023 under the new reporting structure. These revelations caused Intel’s stock price to drop significantly.
The lawsuit alleges that Intel made false statements and failed to disclose crucial information about the company’s financial performance, causing investors to suffer losses. Investors who believe they have been affected can join the lawsuit by contacting the law firm and reviewing the case details on their website. The deadline to apply for lead plaintiff status is July 2, 2024, with no upfront costs for investors to participate.
Bronstein, Gewirtz & Grossman, LLC is experienced in representing investors in securities fraud cases and has a track record of recovering significant amounts for clients. The firm operates on a contingency fee basis, meaning costs and fees are only incurred if the case is successful. Previous results do not guarantee similar outcomes, but the firm is committed to seeking justice for affected investors.
For more information, interested parties can contact Peretz Bronstein or Nathan Miller at 332-239-2660 or visit the firm’s website.
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https://www.globenewswire.com/news-release/2024/07/01/2906438/0/en/INTC-INVESTOR-ALERT-Bronstein-Gewirtz-Grossman-LLC-Announces-that-Intel-Corporation-Investors-with-Substantial-Losses-Have-Opportunity-to-Lead-Class-Action-Lawsuit.html