Allegations Against Intel Corporation (NASDAQ: INTC)
Recently, a class action lawsuit was filed against the company. The filed complaint alleges that defendants made false statements and/or concealed that: (1) the growth of Intel Foundry Services was not indicative of revenue growth reportable under the Internal segment; (2) the Foundry 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 the Company’s IFS strategy; and (5) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Johnson Fistel LLP’s investigation seeks to determine whether Intel’s senior officers or members of its board of directors harmed the company by breaching their fiduciary duties or otherwise violating securities laws in connection with the foregoing alleged conduct.
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If you are interested in pursuing this matter, please review and sign the engagement letter below or contact James Baker at jimb@johnsonfistel.com or (619) 814-4471.