Do you, or did you, own shares of Intel Corporation (NASDAQ:INTC)?
Did you purchase your shares between January 25, 2024 and April 25, 2024, inclusive?
Did you lose money in your investment in Intel Corporation?
Do you want to discuss your rights?
NEW YORK, July 01, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Intel Corporation ("Intel" or the "Company") (NASDAQ:INTC) between January 25, 2024 and April 25, 2024, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
If you wish to serve as lead plaintiff, you must move the Court no later than July 3, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
According to the Complaint, Defendants failed to disclose to investors that: (1) the growth of Intel Foundry Services ("IFS") was not indicative of revenue growth reportable under the Internal Foundry ("Foundry") segment; (2) the Foundry experienced significant operating losses in 2023; (3) the Foundry experienced a decline in product profit driven by lower internal revenue; and (4) as a result the Foundry model would not be a strong tailwind to the Company's IFS strategy.
On April 25, 2024, after the markets closed, Intel released its first quarter 2024 financial results, the first quarter reporting the Company's results under the Foundry model. The results revealed the Company's Foundry segment declined 10% compared to the same quarter last year, to a revenue of $4.4 billion.
On this news, Intel's stock price fell $3.23 per share, or 9.2%, to close at $31.88 per share on April 26, 2024.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for sixteen consecutive years.
