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INTC.US
id: 1210
Intel Corporation (INTC) Foundry Model Failures Case
N.D. California
Court3:24-cv-02683
Case number25 Jan 2024
Class period Start25 Apr 2024
Class period End02 Jul 2024
Lead Plaintiff motion deadline- $INTC stockholder filed a claim vs.Intel Corporation for overstating its Foundry model’s financial results and prospects in 2023-2024.
- On April 3, 2024, on 2023 financials’ restatement news, $INTC fell 8.2%, losing 15.3B+ of shareholder value.
- Then on April 26, 2024, on Q1’24 results, $INTC fell 9.2%, losing 13.7B+ of shareholder value.
- Intel investors can join this case to be notified about potential recovery.
On April 2, 2024, Intel (INTC) announced a retrospective revision of financial results, with the Foundry segment showing operating loss of $7B on sales of $18.9B in 2023, 2023 Foundry revenue of $18.9 billion down $8.6 billion from 2022, and portion of the loss was driven by lower internal revenue.
On April 25, 2024, Intel released its Q1’24 financial results, revealing the Company’s Foundry segment 10% decline compared to Q1’23, to a revenue of $4.4 billion.
Considering all the representations, investors have reasons to suspect that Intel Corporation overstated financial results and prospects of its Foundry model.
One of the investors has already filed a class action against the Company in N.D. of California court for failing to timely disclose the setbacks of its Foundry model’s operation.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
03 April 2024
Filing date
03 May 2024
Lead Plaintiff Deadline
02 July 2024
Judge
Hon. Vince Chhabria