Bronstein, Gewirtz & Grossman, LLC, a well-known law firm, has announced that a class action lawsuit has been filed against Intel Corporation and certain officers. The lawsuit aims to recover damages for alleged violations of federal securities laws by individuals and entities who purchased or acquired Intel securities between January 25, 2024 and April 25, 2024. The lawsuit alleges that Intel made misleading statements and failed to disclose important information about the Company’s business and operations during this period.
The complaint states that Intel announced a shift to an “internal foundry model” in 2022, which was further detailed in 2023. However, in April 2024, Intel disclosed that the Foundry segment experienced an operating loss of $7 billion in 2023, leading to a significant decline in the company’s stock price. Additionally, Intel’s financial results for the first quarter of 2024 under the Foundry model revealed a 10% decrease in the foundry segment’s revenue compared to the previous year, resulting in another drop in the stock price.
The Complaint alleges that Intel did not disclose various key facts, including the significant operating losses in 2023, lower product profits due to decreased internal revenues, and that the Foundry model would not be as beneficial as claimed. As a result, investors suffered losses due to Intel’s actions and omissions.
A class action lawsuit has already been filed, and investors who suffered losses at Intel have until July 2, 2024, to seek appointment as lead plaintiff. Bronstein, Gewirtz & Grossman, LLC, offers representation to investors in class action lawsuits on a contingency fee basis, meaning they only receive compensation if the case is successful.
Bronstein, Gewirtz & Grossman, LLC is known for representing investors in securities fraud class actions and shareholder derivative lawsuits, having recovered millions of dollars for investors in the past. Investors can contact the firm for more information or to review the Complaint.
In conclusion, the lawsuit against Intel Corporation alleges that the company misled investors about its business operations, leading to significant losses for shareholders. As the legal process unfolds, investors have the opportunity to seek compensation through the class action lawsuit.
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https://www.globenewswire.com/news-release/2024/05/27/2888331/9788/en/INTC-INVESTOR-ALERT-Bronstein-Gewirtz-Grossman-LLC-Announces-that-Intel-Corporation-Investors-with-Substantial-Losses-Have-Opportunity-to-Lead-Class-Action-Lawsuit.html