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Intel shareholders file case asking ex CEO, CFO to return 3 years of salary

CFO and co-interim CEO David Zinsner, along with the company’s former CEO, misled shareholders about the financial performance of Intel’s foundry unit, shareholders allege.

Both officers pointed to the foundry unit as a “significant tailwind” for Intel’s business in various statements and company filings, including during the earnings report for the chipmaker’s full-year 2023 results, according to the suit. The news was also followed by a class action suit alleging shareholders were mislead regarding those losses related to its Foundry business, according to a report at the time by The Register. Other defendants include Lip-Bu Tan, a former member of the board who abruptly stepped down from his position in August due to concerns related to Gelsinger’s turnaround plan, according to a report at the time by Reuters cited by the suit.

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