NEW YORK, May 06, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Intel Corporation (NASDAQ: INTC)?
- Did you purchase your shares between January 25, 2024 and April 25, 2024, inclusive?
- Did you lose money in your investment in Intel Corporation?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Intel Corporation (“Intel” or the “Company”) (NASDAQ: INTC) between January 25, 2024 and April 25, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Intel securities, and/or would like to discuss your legal rights and options please visit Intel Corporation Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, Defendants failed to disclose to investors that: (1) the growth of Intel Foundry Services (“IFS”) was not indicative of revenue growth reportable under the Internal Foundry (“Foundry”) segment; (2) the Foundry experienced significant operating losses in 2023; (3) the Foundry experienced a decline in product profit driven by lower internal revenue; and (4) as a result the Foundry model would not be a strong tailwind to the Company’s IFS strategy.
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, Intel’s stock price fell $3.23 per share, or 9.2%, to close at $31.88 per share on April 26, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than July 3, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Intel securities, and/or would like to discuss your legal rights and options please visit Intel Corporation Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
