Intel Corporation Class Action Lawsuit
- Company Name
- Intel Corporation
- Stock Symbol
- Class Period
- April 23, 2020 to July 23, 2020
- Motion Deadline
- September 26, 2020
- Northern District of California
The Intel Corporation class action lawsuit charges Intel and certain of its officers with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of Intel securities between April 23, 2020 and July 23, 2020, inclusive (the “Class Period”). The Intel class action lawsuit was commenced on July 28, 2020 in the Northern District of California and is captioned Huang v. Intel Corporation, No. 20-cv-05194.
Intel is a technology company that provides computing, networking, data storage, and communication solutions worldwide. According to Intel, its 7-nanometer CPU technology is the next generation following Intel’s 10-nanometer technology. In May 2019, Intel was projected to ship its first 7-nanometer products in 2021.
The Intel class action lawsuit alleges that defendants made materially false and/or misleading statements, as well as failed to disclose that: (1) Intel had identified a defect mode in its 7-nanometer process that resulted in yield degradation; (2) as a result, Intel would experience a six-month delay in its production schedule for 7-nanometer products; (3) Intel was reasonably likely to rely on third-party foundries for manufacturing its 7-nanometer products; (4) as a result of the foregoing, Intel was reasonably likely to lose market share to its competitors who were already selling 7-nanometer products; 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.
On July 23, 2020, Intel disclosed production delays for its 7-nanometer products after Intel “identified a defect mode in [its] seven-nanometer process that resulted in yield degradation.” On this news, Intel’s share price fell more than 16%, damaging investors.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Intel securities during the Class Period to seek appointment as lead plaintiff in the Intel class action lawsuit. A lead plaintiff will act 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 of the Intel class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Intel class action lawsuit or have questions concerning your rights regarding the Intel class action lawsuit, please provide your information here or contact counsel, J.C. Sanchez of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Intel class action lawsuit must be filed with the court no later than September 28, 2020.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.