Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Intel Corporation (INTC)
NEW YORK, May 06, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased securities of Intel Corporation (“Intel” or the “Company”) (NASDAQ: INTC) between January 25, 2024 and April 25, 2024, inclusive (the “Class Period”).The Complaint alleges that Defendants failed to disclose to investors that: (i) the growth of Intel Foundry Services (“IFS”) was not indicative of revenue growth reportable under the Internal Foundry (“Foundry”) segment; (ii) the Foundry experienced significant operating losses in 2023; (iii) the Foundry experienced a decline in product profit driven by lower internal revenue; and (iv) as a result the Foundry model would not be a strong tailwind to the Company’s IFS strategy.
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. The results revealed the Company’s Foundry segment declined 10% compared to the same quarter last year, to a revenue of $4.4 billion. On this news, Intel’s stock price dropped $3.23 per share, or 9.2%, to close at $31.88 per share on April 26, 2024.
Investors who purchased or otherwise acquired shares of Intel should contact the Firm* prior to the July 3, 2024 *lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.