Bronstein, Gewirtz & Grossman, LLC, a prominent law firm, has filed a class action lawsuit against Intel Corporation and certain executives on behalf of investors who bought or acquired Intel securities between January 25, 2024, and April 25, 2024. The lawsuit alleges that Intel made false and misleading statements about its financial performance and failed to disclose important information about its operations.
According to the complaint, Intel announced a shift to an “internal foundry model” in October 2022, and on June 21, 2023, provided an update on this model. However, on April 2, 2024, Intel revealed a significant operating loss in its Foundry segment, leading to a drop in its stock price. Then, on April 25, 2024, Intel reported a 10% decrease in its foundry segment revenue, resulting in another decline in its stock price.
The complaint alleges that Intel did not accurately report its financial results under the new Foundry model structure and failed to disclose the negative impact on its profits and revenues. Investors who suffered losses due to Intel’s actions have until July 2, 2024, to seek appointment as lead plaintiff in the class action lawsuit.
Bronstein, Gewirtz & Grossman, LLC, a firm with a track record of representing investors in securities fraud cases, is offering representation to investors in this lawsuit on a contingency fee basis. Investors can contact the firm to learn more about their legal options.
In conclusion, the lawsuit filed against Intel Corporation highlights the importance of accurate and transparent financial reporting to protect investors’ interests. It serves as a reminder for companies to provide clear and honest information about their operations and financial performance to maintain investor trust and confidence.
Article Source
https://www.globenewswire.com/news-release/2024/07/01/2906438/9788/en/INTC-INVESTOR-ALERT-Bronstein-Gewirtz-Grossman-LLC-Announces-that-Intel-Corporation-Investors-with-Substantial-Losses-Have-Opportunity-to-Lead-Class-Action-Lawsuit.html
