Intel Corporation Class Action Lawsuit - INTC
Case Summary
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The Intel class action lawsuit seeks to represent purchasers or acquirers of Intel Corporation (NASDAQ: INTC) securities between January 25, 2024 and April 25, 2024, inclusive (the “Class Period”). Captioned Quille v. Intel Corporation, No. 24-cv-02683 (N.D. Cal.), the Intel class action lawsuit charges Intel and certain of Intel’s top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Intel class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the Intel class action lawsuit must be filed with the court no later than July 2, 2024.
CASE ALLEGATIONS: Intel designs, develops, manufactures, markets, and sells computing and related products and services worldwide. On October 11, 2022, Intel announced that it would shift to an “internal foundry model” (the “Internal Foundry” or “Foundry” model), whereby Intel would recognize revenues generated from both external foundry customers and its Intel Products business, as well as technology development and product manufacturing costs historically allocated to its Intel Products business.
The Intel class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) the growth of Intel Foundry Services (“IFS”) reportable segment was not indicative of revenue growth reportable under the Internal Foundry segment; (ii) the Foundry experienced significant operating losses in 2023; (iii) the Foundry experienced a decline in product profit driven by lower internal revenue; and (iv) as a result, the Foundry model would not be a strong tailwind to Intel’s IFS strategy.
The Intel class action lawsuit further alleges that on April 2, 2024, Intel disclosed a retrospective revision of Intel’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, Foundry revenue in 2023 was $18.9 billion (down $8.6 billion from 2022), and the segment’s operating loss included $2.1 million in lower product profit driven by lower internal revenue. On this news, the price of Intel stock fell more than 8%, according to the complaint.
Then, on April 25, 2024, the complaint further alleges that Intel revealed that its Foundry segment declined 10% in the first quarter 2024, compared to the same quarter last year, to a revenue of $4.4 billion. On this news, the price of Intel stock fell more than 9%, according to the Intel class action lawsuit.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Intel securities during the Class Period to seek appointment as lead plaintiff in the Intel class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Intel class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Intel class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Intel class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm was ranked #1 on the ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller topped the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.