Bronstein, Gewirtz & Grossman, LLC, a well-known law firm, has filed a class action lawsuit against Intel Corporation and certain executives. The lawsuit pertains to alleged violations of federal securities laws for investors who purchased Intel securities between January 25, 2024, and April 25, 2024.
The complaint states that Intel’s CEO announced a shift to an internal foundry model in October 2022, which would affect how revenue is recognized and reported. Subsequent updates on the Foundry model in June 2023 and April 2024 revealed losses and declines in revenue, causing Intel’s stock price to drop significantly.
Investors are encouraged to join the lawsuit if they suffered losses due to Intel’s actions. More details about the case can be found on the firm’s website, and interested parties have until July 2, 2024, to seek appointment as lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is handling the case on a contingency fee basis, meaning they will only be compensated if the lawsuit is successful in recovering damages for the investors involved.
The law firm has a track record of representing investors in securities fraud cases and shareholder derivative lawsuits, having recovered millions of dollars for clients in the past. Investors who believe they have been affected by Intel’s actions are encouraged to contact the firm for more information.
Overall, the lawsuit against Intel Corporation highlights the importance of holding companies accountable for their actions and seeking justice for investors who may have suffered losses due to alleged securities law violations.
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https://www.globenewswire.com/news-release/2024/06/24/2902768/9788/en/INTC-INVESTOR-ALERT-Bronstein-Gewirtz-Grossman-LLC-Announces-that-Intel-Corporation-Investors-with-Substantial-Losses-Have-Opportunity-to-Lead-Class-Action-Lawsuit.html