NEW YORK, June 15, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Intel Corporation ("Intel" or the "Company") (NASDAQ: INTC). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (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.

Fighting for victims of securities fraud for more than 85 years (PRNewsfoto/Pomerantz LLP)

The class action concerns whether Intel and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

You have until July 2, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Intel securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.

[Click here for information about joining the class action]

On April 2, 2024, after the markets closed, Intel issued a press release which disclosed a retrospective revision of the Company's financial results under the new Foundry model reporting structure, revealing that the Foundry segment experienced an operating loss of $7 billion on sales of $18.9 billion in 2023, that Foundry revenue in 2023 was $18.9 billion down $8.6 billion from 2022, and that the segment's operating loss included a $2.1 million in lower product profit driven by lower internal revenue. 

On this news, Intel's stock price fell $3.61 per share, or 8.2%, to close at $40.33 per share on April 3, 2024. 

Then, 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, disclosing that the Company's Foundry segment declined 10% compared to the same quarter last year, to 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.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.  

Attorney advertising. Prior results do not guarantee similar outcomes.  

CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980

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SOURCE Pomerantz LLP