| COMPANY |
Intel Corporation |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
24-cv-02683 |
| JUDGE |
The Hon. Trina L. Thompson |
| CLASS PERIOD |
January 25, 2024 through April 25, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS JULY 2, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or acquired Intel Corporation (“Intel”) (NASDAQ: INTC) securities between January 25, 2024 and April 25, 2024, both dates inclusive (the “Class Period”).
On April 2, 2024, after the market closed, Intel issued a press release announcing that Intel had made a retrospective revision to the company's financial results under the new Foundry model reporting structure. Specifically, Intel revealed that the Foundry segment experienced an operating loss of $7 billion on sales of $18.9 billion in 2023; Foundry revenue in 2023 was $18.9 billion down $8.6 billion from 2022; and the segment's operating loss included a $2.1 million in lower product profit driven by lower internal revenue.
On this news, Intel's stock price fell $3.61 per share, or 8.2%, to close at $40.33 per share on April 3, 2024.
Then, on April 25, 2024, after the markets closed, Intel released its first quarter 2024 financial results, the first quarter reporting Intel's results under the Foundry model. In the results, Intel disclosed that the company's Foundry segment declined 10% compared to the same quarter last year, to 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.
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the growth of Intel Foundry Services was not indicative of revenue growth reportable under the Internal Foundry segment; (2) the Foundry model experienced significant operating losses in 2023; (3) the Foundry experienced a decline in product profit driven by lower internal revenue; (4) as a result the Foundry model would not be a strong tailwind to Intel's Foundry strategy; and (5) as a result of the foregoing, Defendants' positive statements about Intel's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
What is a Lead Plaintiff?
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.