Intel Corporation (NASDAQ: INTC)

This lawsuit is for anyone who acquired securities in Intel Corporation (NASDAQ: INTC) from January 25, 2024 through April 25, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by failing to timely disclose to investors that the Company’s switch to its Foundry model was not yielding the operating results that the Company had led investors to believe.

On April 2, 2024, after the markets closed, Intel issued a press release which disclosed a retrospective revision of the Company’s financial results under the new Foundry model reporting structure, revealing that the Foundry segment experienced an operating loss of $7 billion on sales of $18.9 billion in 2023, that Foundry revenue in 2023 was $18.9 billion down $8.6 billion from 2022, that the segment’s operating loss included a $2.1 million in lower product profit driven by lower internal revenue. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on April 25, 2024, after the markets closed, Intel released its first quarter 2024 financial results, the first quarter reporting the Company’s results under the Foundry model; the results revealed the Company’s Foundry segment declined 10% compared to the same quarter last year, to a revenue of $4.4 billion. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Intel Corporation (NASDAQ: INTC) from January 25, 2024 through April 25, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.