LOS ANGELES, August 21, 2020 / PRNewswire / – The law firms of Frank R. Cruz announces it has filed a class action lawsuit in The United States District Court for the Northern District of California Huang title versus Intel Corporation. et al. (Case No. 20-cv-05194) on behalf of persons and entities who have purchased or otherwise acquired (NASDAQ: INTC) securities between Intel Corporation (“Intel” or the “Company”) April 23, 2020 and 23rd July 2020including (the "Class Period"). Plaintiff is pursuing claims under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the "Exchange Act").
Investors are hereby notified that they have 60 days from the date of this notice to appoint the court as the lead plaintiff in this lawsuit.
If you are a shareholder who has suffered a loss, click here to participate.
On 23rd July 2020After the market closed, Intel announced that production of its 7-nanometer chips would be delayed after it "identified a defect mode in its 7-nanometer process that was causing yield degradation."
In this news, the company's stock price fell more than 10% in after-hours trading 23rd July 2020.
The complaint filed in this class action alleges that throughout the class period, defendants made materially false and / or misleading statements and did not disclose material adverse facts about the business, business and prospects of the company. Specifically, Defendants have failed to advise investors: (1) that Intel identified a defect mode in its 7-nanometer process that resulted in a deterioration in ROI; (2) that the company would experience a six-month delay in its production schedule for 7 nanometer products as a result; (3) Intel was reasonably likely to have relied on third-party foundries to manufacture its 7 nanometer products; (4) that as a result of the foregoing, Intel would be reasonably likely to lose market share to its competitors who already sell 7-nanometer products; and (5) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and / or unfounded.
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If you have purchased Intel securities during the class period, no later than 60 days after the date of this notice you may request the court to request the court to appoint you as the lead plaintiff. You don't need to take any action at this point to be a member of the class. You can keep an attorney of your choice or you can take no action and remain an absent member of the class. If you have purchased Intel securities, have information or would like to learn more about these claims, or have any questions about this announcement or your rights or interests in relation to these matters, please contact Frank R. Cruz, the law firms of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to (Email protected)or visit our website at www.frankcruzlaw.com. When inquiring by email, please include your mailing address, telephone number and number of shares purchased.
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SOURCE The offices of Frank R. Cruz, los Angeles