NEW YORK, Jan. 19, 2018 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Intel Corporation (“Intel” or the “Company”) (NASDAQ: INTC) of the March 12, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Intel stock or options between July 27, 2017 and January 4, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/INTC. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Intel securities between July 27, 2017 and January 4, 2018 (the “Class Period”). The case, Alvira v. Intel Corporation, Inc. et al, No. 2:18-cv-00223 was filed on January 10, 2018.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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 percent more slowly; and (3) as a result, Intel’s public statements were materially false and misleading at all relevant times.
Specifically, after market close on January 2, 2018, The Register published an article stating that there is a “fundamental design flaw in Intel’s processor chips” and updates to fix the problems could cause Intel chips to operate 5-30 percent more slowly. Then on January 3, 2018, Intel published an article on its website confirming that its chips contain a feature that makes them vulnerable to hacking. On this news, Intel’s share price fell from $46.85 per share on January 2, 2018 to a closing price of $45.26 on January 3, 2018—a $1.59 or a 3.39% drop.
Then, on January 4, 2018, multiple news outlets reported that Intel’s Chief Executive Officer, Brian Krzanich, sold millions of dollars worth of the Company’s shares after Intel was informed of vulnerabilities in its semiconductors, but before the vulnerabilities were publicly disclosed. On this news, Intel’s share price fell from $45.26 per share on January 3, 2018 to a closing price of $44.43 on January 4, 2018—a $0.83 or a 1.83% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Intel’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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