According to Reuters' report, US Federal Court judge Trina Thompson recently returned to his shareholders to file a case against Intel, saying that Intel was suspected of pushing up stock prices from January 25 to August 1, 2024, and hindering t...
According to Reuters' report, US Federal Court judge Trina Thompson recently returned to his shareholders to file a case against Intel, saying that Intel was suspected of pushing up stock prices from January 25 to August 1, 2024, and hindering the huge amount of the crystalline foundry department.
The key to lawsuit is that On August 2, 2024, Intel announced a series of major measures, including laying down 15,000 employees, suspending dividends, etc., and the goal of these actions is to save $1 billion in operational spending by 2025. Influenced by this news, Intel stock prices should plummet 26% on August 3 the next day. The single-day decline caused Intel's market value to evaporate by $32 billion.
The shareholders' proprietor, Intel from January 25 to August 1, may implicate the actual damage to the crystalline foundry business, misleading the market and pushing up stock prices. Intel's 2024 financial report shows that it will cost $1.88 billion in the whole year, which is the first time Intel has made its annual cost since 1986.
Judge Trina Thompson said she understood the plaintiff was dissatisfied, but ruled that Intel had not postponed the financial disclosure and the information did not constitute misleading statements. The 21-page judgment book, Judge Tompson gave a detailed reason, Intel clearly stated that the actual performance of the Grind-foundry business will not become clear until 2024, and early financial reports cannot be considered false or misleading statements.
The judge considered that Intel's OEM business was a trial-and-error model. If the company was asked to disclose the unauthorized data in advance, it would lead to other risks. The court agreed that Intel was very cautious about the exposure of information when it was developing specific businesses.
The name of the lawsuit is called "In re Intel Corp Securities Litigation", case number 24-02683, court heard in the Northern District of California. This is not the first time the case has been returned, and the judge returned to the early version in March. This time there is a prejudice word, meaning that the plaintiff cannot sue Intel again on the same charges.
