INTC – Intel slapped with class action lawsuit over foundry revenues — litigants allege securities fraud

https://www.tomshardware.com/tech-industry/intel-slapped-with-class-action-lawsuit-over-foundry-revenues

The runaround is this. INTC reached its low point in Q3 last year at $24 and steadily climbed back to $54 in January. Allegedly also under the impression that it's foundry business is healthy. In their Q1 reporting they changed the way they report their business units and it was revealed that the foundry lost $2.5B on $4.4B of revenue. So anything but healthy. The stock now is at $30

The lawsuit is about their back reporting of 2023 foundry business though. $19B of revenue with $7B in deficit. The lawsuit claims that Intel knew how bad their foundry business is and that investors were deceived and the loss in 2024 could have been prevented if intel would have been truthful.

Anybody holding INTC stock from January 24 to April 25, 2024 may have an interest in the suit.

EDIT: I never held INTC.



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