SAN FRANCISCO, July 29, 2020 /PRNewswire/ — Hagens Berman urges Intel Corporation (NASDAQ: INTC) investors who have suffered significant losses to submit their losses now. A securities fraud class action has been filed and certain investors may have valuable claims. Hagens Berman also encourages persons who may be able to assist the Firm’s investigation of possible securities fraud to contact the firm.
Class Period: April 23, 2020 – July 23, 2020
Lead Plaintiff Deadline: Sep. 28, 2020
Contact An Attorney Now: (email protected)
Intel Corporation (INTC) Class Action:
The complaint alleges Intel and senior management misrepresented and concealed manufacturing and performance issues with its next generation 7-nanometer chips. Specifically, Intel touted its first 7nm chips, while omitting to disclose that: (1) Intel had identified a defect mode in its 7-nanometer process that resulted in yield degradation; (2) that, as a result, the Company would experience a six-month delay in its production schedule for 7-nanometer products; (3) that Intel was reasonably likely to rely on third-party foundries for manufacturing its 7-nanometer products; and (4) 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.
The complaint alleges that investor learned the truth on July 23, 2020, when after the market closed, Intel disclosed production delays for its 7-nanometer products after the Company had “identified a defect mode in our seven-nanometer process that resulted in yield degradation.”.
On this news, the Company’s share price fell $9.81, or approximately 16%, to close at $50.59 per share on July 24, 2020, on unusually heavy trading volume.
“We’re focused on investors’ losses and proving Intel misled investors about the 7-nanometer schedule and related manufacturing issues,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of Intel and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Intel should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email (email protected).
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP