RADNOR, Pa.--(BUSINESS WIRE)--
The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Intel Corporation (INTC) (“Intel” or the “Company”) on behalf of purchasers of the Company’s securities between July 27, 2017 and January 4, 2018, inclusive (the “Class Period”).
Intel shareholders who purchased securities during the Class Period may, no later than March 12, 2018, seek to be appointed as a lead plaintiff representative of the class.
Shareholders who wish to discuss this action or request additional information about the lawsuit are encouraged to contact Kessler Topaz Meltzer & Check attorneys D. Seamus Kaskela or Adrienne Bell at (888) 299-7706 or online at: https://www.ktmc.com/new-cases/intel-corporation#join
According to the complaint, Intel designs, manufactures, and sells computer, networking, and communications platforms worldwide.
The shareholder class action complaint alleges that, throughout the Class Period, Intel and certain of its senior executive officers made false and misleading statements and/or failed to disclose that: (1) there is a fundamental design flaw in Intel’s processor chips as they contain a feature that makes them vulnerable to hacking; (2) updates to fix the problems in Intel’s processor chips could cause Intel chips to operate 5 – 30% more slowly; and (3) as a result, defendants’ public statements were materially false and misleading at all relevant times.
As detailed in the complaint, on January 2, 2018, The Register published an article entitled “Kernel-memory-leaking Intel processor design flaw forces Linux, Windows redesign.” The article reported that a “fundamental design flaw in Intel’s processor chips has forced a significant redesign of the Linux and Windows kernels to defang the chip-level security bug.”
Following this news, shares of Intel’s common stock declined $1.59 per share, or 3.4%, to close on January 3, 2018 at $45.26 per share, on heavy trading volume.
Subsequently, Intel’s Chief Executive Officer (“CEO”) disclosed on CNBC that researchers at Google had made Intel aware “of the issue a while back.” Additionally, on January 8, 2018, The Wall Street Journal reported that Intel’s CEO had “sold shares and exercised stock options valued at a total of $39 million, netting him nearly $25 million” while the Company was “handling concerns about security flaws in its chips.”
Intel shareholders may, no later than March 12, 2018, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.