Intel Corporation (INTC) Faces Investor Lawsuit over Foundry Business Hagens Berman

Globe Newswire 12-Aug-2024 10:17 AM

SAN FRANCISCO, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Intel Corporation (NASDAQ:INTC) investors who suffered substantial losses to submit your losses now.

Class Period: Jan. 25, 2024 – Aug. 1, 2024
Lead Plaintiff Deadline: Oct. 7, 2024
Visit: www.hbsslaw.com/investor-fraud/intc
Contact the Firm Now: INTC@hbsslaw.com
                                            844-916-0895

Class Action Against Intel Corporation (INTC):

Intel Corp. is under fire from investors alleging the chip giant misled shareholders about the performance of its foundry business. A federal class-action lawsuit filed in the Northern District of California claims Intel made false and misleading statements about the financial health and progress of its foundry operations.

The complaint centers on Intel's repeated assurances that its foundry plans were on track and delivering as promised. Investors allege that these statements were contradicted by the company's subsequent announcement of severe problems in the foundry business, which led to a $10 billion cost-cutting plan, including layoffs and dividend suspension.

On August 1, when Intel unveiled these dramatic measures, its share price plummeted by 26%, wiping out billions of dollars in market value. Analysts swiftly downgraded the stock, citing concerns about the company's manufacturing capabilities and overall business outlook.

The lawsuit contends that Intel's decision to accelerate its move to a higher-cost Ireland fabrication facility masked underlying problems and inflated profit margins.

"We are investigating whether Intel may have misrepresented the challenges its foundry business faced," said Reed Kathrein, a partner at Hagens Berman, a law firm seeking to lead the case on behalf of the investor class.

If you invested in Intel and have substantial losses submit your losses now »

If you'd like more information about the Intel case and our investigation, read more »

Whistleblowers: Persons with non-public information regarding Intel should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email INTC@hbsslaw.com.

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

Contact:
Reed Kathrein, 844-916-0895