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 email@example.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.
Kessler Topaz Meltzer & Check, LLP
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