Bronstein, Gewirtz & Grossman, LLC, a well-known law firm, has filed a class action lawsuit against Intel Corporation and certain company officers. The lawsuit aims to recover damages for investors who purchased Intel securities between January 25, 2024, and April 25, 2024. The lawsuit alleges that Intel made false statements and failed to disclose important information about the company’s financial performance. This led to a significant drop in Intel’s stock price.
The complaint states that Intel announced a shift to an “internal foundry model” in October 2022. This model would change the way revenue and costs were recognized for Intel products. Then, in June 2023, Intel provided an update on the Foundry model, highlighting the benefits it would bring. However, on April 2, 2024, Intel disclosed significant operating losses under the new Foundry model reporting structure, leading to a drop in the stock price. Similarly, on April 25, 2024, Intel reported a decrease in revenue under the Foundry model, resulting in another decline in the stock price.
The class action lawsuit claims that Intel’s positive statements about the company’s business were misleading and lacked a reasonable basis. The lawsuit alleges that Intel failed to disclose key information about the performance of its Foundry segment, leading to financial losses for investors. The lawsuit seeks to recover damages for investors who suffered losses due to Intel’s alleged misconduct.
If investors suffered losses at Intel, they have until July 2, 2024, to ask the Court to appoint them as lead plaintiff in the case. The law firm representing investors, Bronstein, Gewirtz & Grossman, LLC, works on a contingent fee basis, meaning they only get paid if the case is successful. The firm has a track record of recovering millions of dollars for investors in securities fraud cases.
For more information on the class action lawsuit against Intel Corporation, investors can visit the law firm’s website or contact the attorneys handling the case. It’s important for investors who suffered losses to take action and seek potential compensation for their losses.
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