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NEW YORK, Sept. 06, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Intel Corporation (“Intel” or the “Company”)(NASDAQ: INTC) and certain of its officers. The class action, filed in United States District Court for the Northern District of California, and indexed under 20-cv-05549, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise, acquired Intel securities between April 23, 2020, and July 23, 2020, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Intel securities during the class period, you have until September 28, 2020, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Intel is a technology company that provides computing, networking, data storage, and communication solutions worldwide. It operates through Data Center Group, Internet of Things Group, Non-Volatile Memory Solutions Group, Programmable Solutions Group, Client Computing Group, and All Other segments.
According to Intel, its 7-nanometer CPU technology is the next generation following Intel’s 10-nanometer technology. Intel claims that 7-nanometer technology offers double the area efficiency of 10-nanometer products, and will offer 20% higher performance per watt. In May 2019, Intel projected to ship its first 7-nanometer products in 2021.
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (i) that Intel had identified a defect mode in its 7-nanometer process that resulted in yield degradation; (ii) that, as a result, the Company would experience a six-month delay in its production schedule for 7-nanometer products; (iii) that Intel was reasonably likely to rely on third-party foundries for manufacturing its 7-nanometer products; (iv) that, as a result of the foregoing, Intel was reasonably likely to lose market share to its competitors who are already selling 7-nanometer products; and (v) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On July 23, 2020, after the market closed, Intel disclosed production delays for its 7-nanometer products after the Company had “identified a defect mode in [its] seven-nanometer process that resulted in yield degradation.”
On this news, Intel’s share price fell $9.81 per share, or approximately 16%, to close at $50.59 per share on July 24, 2020, on unusually heavy trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby