In a press release issued on July 1, 2024, Glancy Prongay & Murray LLP (GPM) issued a reminder to investors regarding the upcoming deadline of July 2, 2024, to file a lead plaintiff motion in a class action lawsuit against Intel Corporation (Intel). The lawsuit pertains to investors who purchased or acquired Intel’s stock between January 25, 2024, and April 25, 2024. The lawsuit alleges that Intel made misleading statements and failed to disclose adverse information about its business operations during this period.
The lawsuit stems from revelations made by Intel in April 2024 about its financial results. After conducting a review, Intel disclosed that its Foundry segment had suffered an operating loss of $7 billion in 2023, leading to a $3.61 drop in its stock price. Additionally, on April 25, 2024, Intel reported a 10% decrease in its Foundry segment revenue compared to the previous year, resulting in another $3.23 drop in its stock price.
The lawsuit claims that Intel misrepresented the growth of its Foundry Services and failed to disclose the significant operating losses and declining revenue within the Foundry segment. As a result, investors were misled about the true state of Intel’s business prospects.
Investors who wish to participate in the lawsuit must file a claim by July 2, 2024, to be considered for appointment as lead plaintiff. No action is required to become a member of the class, but investors have the option to hire their own counsel. For more information about the lawsuit or to inquire about your rights as an investor, you can contact Charles Linehan of GPM at 310-201-9150 or visit the GPM website.
This information is provided in a press release and may be considered attorney advertising in some jurisdictions. For more details about the lawsuit or to contact the law firm, you can visit the GPM website or reach out to them via email or phone.
In summary, the lawsuit against Intel Corporation revolves around allegations of misleading statements and omissions regarding the company’s financial performance and prospects. Investors who purchased Intel stock during a specific period are eligible to participate in the class action lawsuit, with a deadline of July 2, 2024, to file a claim. The lawsuit highlights concerns about Intel’s Foundry segment’s performance and its impact on the company’s stock price. Please refer to the GPM website or contact Charles Linehan for more information.
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