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Kessler Topaz Meltzer & Check, LLP: Investor Class Action Filed Against Intel Corporation for Securities Fraud Violations

Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired Intel Corporation (“Intel”) (Nasdaq: INTC) securities between April 23, 2020 and July 23, 2020, inclusive (the “Class Period”).
 

Intel investors may receive additional information about the case by clicking the link "Submit Your Information" above.


According to the complaint, Intel is a technology company that provides computing, networking, data storage, and communication solutions worldwide.  According to Intel, its 7-nanometer CPU technology is the next generation following Intel’s 10-nanometer technology. Intel claims that 7-nanometer technology offers double the area efficiency of 10-nanometer products and will offer 20% higher performance per watt. In May 2019, Intel projected to ship its first 7-nanometer products in 2021.

The Class Period commences on April 23, 2020, when Intel announced its first quarter 2020 financial results. Then, on April 24, 2020, Intel filed its quarterly report on a Form 10-Q with the SEC for the period ended March 28, 2020, affirming the previously reported financial results.

The complaint alleges that, on July 23, 2020, after the market closed, Intel reported its second quarter 2020 financial results in a press release. Therein, Intel disclosed production delays for its 7-nanometer products. Specifically, the press release, stated, “[t]he company’s 7nm-based CPU product timing is shifting approximately six months relative to prior expectations. The primary driver is the yield of Intel’s 7nm process, which based on recent data, is now trending approximately twelve months behind the company’s internal target.”

Following this news, this news, Intel’s share price fell $9.81, or approximately 16%, to close at $50.59 per share on July 24, 2020.

The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Intel had identified a defect mode in its 7-nanometer process that resulted in yield degradation; (2) as a result, Intel would experience a six-month delay in its production schedule for 7-nanometer products; (3) Intel was reasonably likely to rely on third-party foundries for manufacturing its 7-nanometer products; (4) as a result of the foregoing, Intel was reasonably likely to lose market share to its competitors who are already selling 7-nanometer products; and (5) as a result of the foregoing, the defendants’ positive statements about Intel’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.  

If you are a member of the class described above, you may no later than September 28, 2020 move the Court to serve as lead plaintiff of the class, if you so choose.


A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case.  Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.

Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter.  If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-844-887-9500 or 1-610-667-7706, or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 
1-844-887-9500 (toll free) or 1-610-667-7706 
Or by e-mail at info@ktmc.com 

Please complete this form relating to your transactions for Intel Corporation (Nasdaq: INTC) securities between April 23, 2020 and July 23, 2020, inclusive (the “Class Period”).

You may also contact James Maro, Jr., Esq. or Adrienne Bell, Esq. at 610.667.7706 or toll free at 844.887.9500, or you may submit your information via email at info@ktmc.com, or you may click here to print a PDF of this form.

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# of Shares
Price per Share
 
 
 
Principal Amount
Amount Paid
Series or CUSIP
 
 
 
# of Contracts
Price per Contract
Exercise Price
Expiration Date
Did you purchase shares of Intel Corporation prior to the Class Period?
Are you a current or former employee of Intel Corporation?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
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