INTEL CORPORATION INVESTORS: Deadline Pending Lead Plaintiff In INTC Securities Fraud Class Action; Shareholders should contact Robbins LLP for information

SAN DIEGO, June 20, 2024 (GLOBE NEWSWIRE) — Robbins LLP reminds investors that a shareholder has filed a class action on behalf of all persons and entities that purchased or otherwise acquired securities of Intel Corporation (NASDAQ: INTC ) between January 25 2024 and April 25, 2024. Intel designs, develops, manufactures, markets and sells computers and related products and services worldwide. The company’s product portfolio consists of central processing units (CPUs), chipsets, processors, graphics processing units (GPUs) and other semiconductor products.

For more information, submit a form, email Attorney Aaron Dumas, Jr., or call us at (800) 350-6003.

The charges: Robbins LLP is investigating allegations that Intel Corporation (INTC) misrepresented its business outlook

The complaint alleges that on October 11, 2022, CEO Pat Gelsinger announced that the company would transition to an “internal foundry model” (the “Internal Smelter” or “Foundry” model). Under the Internal Foundry model, Intel would recognize revenue generated from both external foundry customers and Intel products, as well as technology development and product manufacturing costs historically allocated to Intel products. The company highlighted the cost savings and margin improvement benefits that the Internal Foundry model would provide and the tailwind that IFS would bring.

The complaint further alleges that on April 2, 2024, Intel issued a press release that disclosed a retrospective review of the company’s financial results under the new Foundry model reporting structure, revealing that the Foundry segment had an operating loss of $7 billion USD on sales of USD 18.9. billion in 2023, that Foundry revenue in 2023 was $18.9 billion, down $8.6 billion from 2022, that segment operating loss included $2.1 million in lower product profit, driven by lower domestic revenues. On the news, Intel’s stock price fell $3.61, or 8.2%, to $40.33 per share on April 3, 2024.

On April 25, 2024, after the markets closed, Intel released its first quarter 2024 financial results, the first quarter reporting the Company’s results under the Foundry model; The results showed that the company’s Foundry segment was down 10% from the same quarter last year on revenue of $4.4 billion. On the news, Intel’s stock price fell $3.23, or 9.2%, to $31.88 per share on April 26, 2024.

Plaintiff alleges that, during the Class Period, Defendants failed to disclose to investors: (1) the growth in Intel Foundry Services (“IFS”) did not indicate growth in reportable revenue within the Internal Foundry segment; (2) The foundry recorded significant operating losses in 2023; (3) that the Foundry recorded a decrease in the profit produced, determined by lower internal revenues; and (4) as a result, the Foundry model would not be a strong tailwind for the company’s IFS strategy.

What now: You may be eligible to participate in the class action against Intel Corporation. Shareholders who wish to serve as lead plaintiffs for the class must file motions with the court by July 2, 2024. A lead plaintiff is a representative party acting on behalf of other class members in conducting the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose not to take any action, you may remain an absent class member. For more information, click Here.

All representation is on a contingency fee basis. Shareholders do not pay commissions or expenses.

About Robbins LLP: Some law firms issuing briefs on this matter are not actually litigating securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff at Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company directors accountable for their wrongdoing since 2002. Since our founding , we raised over $1 billion. for shareholders.

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