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Intel faces accusations of inflating its stock price, by sharing ‘materially false or misleading statements’ — Lawsuit claims Intel hid issues that led to the company’s market value dropping $32 billion in one day
Intel shareholders claim the chipmaker misled them about the company's capacity for manufacturing.
"[The] company's materially false or misleading statements regarding the business and its manufacturing capabilities inflated its stock price from Jan. 25 to Aug. 1," claims the suit. Intel CEO Patrick Gelsinger and CFO David Zinsner are the respondents of the lawsuit, which was filed on Wednesday, August 7, 2024 in San Francisco federal court. Intel will have to navigate its various legal battles and overcome its revenue loss while preparing for the launch of its Lunar Lake mobile CPUs.
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