LOS ANGELES–(BUSINESS WIRE) – Glancy Prongay & Murray LLP ("GPM") announces that a class action lawsuit has been filed at the US District Court for the Northern District of California, entitled Huang, against Intel Corporation, et al. (Case No. 20-cv-05194) on behalf of individuals and entities that, between April 23, 2020 and July 23, 2020, include Intel Corporation securities ("Intel" or the "Company") (NASDAQ: INTC) bought or otherwise acquired. The lesson pursues claims under sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the "Exchange Act").
Investors are hereby informed that from the date of this notice they will have 60 days to instruct the court as the primary plaintiff in this lawsuit.
If you have suffered a loss on your Intel investment or would like to inquire whether you may be able to make claims to offset your loss under federal securities laws, you can use your contact information at https://www.glancylaw.com/cases / Submit intel corporation /. You can also contact GPM's Charles H. Linehan at 310-201-9150, toll free at 888-773-9224, or email Shareholder@glancylaw.com to learn more about your rights.
On July 23, 2020, after the market closed, Intel announced that the production of its 7-nanometer chips would be delayed after the company "identified a defect mode in its 7-nanometer process that worsened." Yield resulted ".
In the news, the company's share price fell $ 9.81, or about 16%, and closed on July 24, 2020, at an unusually high trading volume, at $ 50.59 per share.
The complaint lodged in this class action alleges that the defendants have made materially incorrect and / or misleading statements throughout the class period and have not disclosed any material adverse facts about the business, operations, and prospects of the company. In particular, the defendants did not disclose to investors: (1) that Intel had identified a defect mode in its 7-nanometer process that resulted in a deterioration in returns; (2) as a result, the company would notice a six-month delay in its production plan for 7-nanometer products; (3) that Intel was likely to rely on third-party foundries to manufacture its 7-nanometer products; (4) that, as a result of the foregoing, Intel would likely lose market share to its competitors who are already selling 7-nanometer products; and (5) that, as a result of the foregoing, the defendant's positive statements regarding the business, operations, and prospects of the company were materially misleading and / or had no reasonable basis.
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If you purchased Intel securities during the class period, you can request the court to ask the court to appoint you main plaintiff no later than 60 days after the date of this notice. You do not need to take any action at this time to be a member of the class. You can keep a lawyer of your choice or take no action and remain an absent member of the class. If you would like to learn more about this promotion or if you have any questions about this announcement or your rights or interests in relation to these matters, please contact Charles H. Linehan, Esquire, GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, toll free at 888-773-9224, email Shareholders@glancylaw.com or visit our website at www.glancylaw.com. If you inquire by email, please provide your mailing address, telephone number and number of shares purchased.
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