INTC - INTC INVESTOR ALERT: Bronstein Gewirtz & Grossman LLC Announces that Intel Corporation Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit! | Benzinga
NEW YORK, May 06, 2024 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Intel Corporation ("Intel" or "the Company") (NASDAQ:INTC) and certain of its officers.
Class Definition:
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Intel securities between January 25, 2024 and April 25, 2024, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: bgandg.com/INTC.
Case Details:
According to the Complaint, on October 11, 2022, Intel's Chief Executive Officer announced a shift to an "internal foundry model" (the "Internal Foundry" or "Foundry" model). Under the Internal Foundry model, Intel would recognize revenues generated from both external foundry customers and Intel Products, as well as technology development and product manufacturing costs historically allocated to Intel Products.
Then, on June 21, 2023, according to the Complaint, the Company provided an update on the Foundry model, explaining that, beginning in the first quarter of 2024, the Company would separate out all manufacturing services into a separate group, inclusive of Intel Foundry Services ("IFS"), manufacturing, and technology development, to form the Foundry, and implement a new financial reporting structure to recognize this reorganization, under which Foundry would be responsible for its own reportable ...