In San Diego on June 20, 2024, a shareholder filed a class action lawsuit against Intel Corporation (NASDAQ: INTC), alleging that the company misrepresented its business prospects. The lawsuit claims that Intel announced a shift to an internal foundry model in October 2022, promising cost-saving and margin-improving benefits. However, in April 2024, Intel disclosed operating losses and lower revenues under the new model, causing a drop in stock price.
The complaint further alleges that Intel’s foundry segment decreased in revenue by 10% in the first quarter of 2024 compared to the same quarter the previous year. The plaintiff claims that during the class period, Intel failed to disclose significant operating losses in 2023 and a decline in product profits, casting doubt on the strength of the Foundry model for the company’s strategy.
Investors who purchased Intel securities between January 25, 2024, and April 25, 2024, may be eligible to participate in the class action lawsuit against Intel Corporation. Shareholders seeking to serve as lead plaintiff for the class must file their motions with the Court by July 2, 2024. A lead plaintiff represents other class members in directing the litigation process.
Robbins LLP, a law firm specializing in shareholder rights litigation, is investigating the allegations against Intel Corporation. The firm has helped shareholders recover losses, improve corporate governance structures, and hold company executives accountable for wrongdoing since 2002. Shareholders do not pay fees or expenses upfront, as all representation is made on a contingency fee basis.
To receive updates on the resolution of the class action lawsuit against Intel Corporation or alerts regarding corporate misconduct, individuals can sign up for Stock Watch. It is important to note that past results do not guarantee similar outcomes in legal cases.
Overall, the lawsuit against Intel Corporation highlights allegations of misrepresentation of business prospects, leading to financial losses for investors. Shareholders have an opportunity to seek recovery through participation in the class action lawsuit, with a deadline for lead plaintiff motions set for July 2, 2024. Attorney representation is available on a contingency fee basis, ensuring that shareholders do not incur fees or expenses upfront.
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https://www.globenewswire.com/news-release/2024/06/20/2901937/0/en/INTEL-CORPORATION-INVESTORS-Pending-Lead-Plaintiff-Deadline-in-INTC-Securities-Fraud-Class-Action-Stockholders-Should-Contact-Robbins-LLP-for-Information.html