BOSTON, Jan. 11, 2018 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com) a securities litigation firm representing investors nationwide, announces that lawsuit has been filed against Intel Corp. (Nasdaq: INTC), CEO Brian Krzanich and CFO Robert Swan for violations of the federal securities laws.
The complaint, filed in the United States District Court for the Central District of California (Alvira v. Intel Corp., et al., 2:18-cv-00223), alleges that between July 27, 2017 and January 4, 2018, inclusive (the "Class Period"), the defendants made material misstatements about, or failed to disclose, a fundamental design flaw in Intel's processor chips, and that updates to those chips could cause slowed performance, resulting in significant losses to investors when details of Intel's chip problems finally emerged.
The complaint further alleges that CEO Brian Krzanich sold nearly half of his Intel stock months after he learned about Intel's chip problems, but before those problems were disclosed to shareholders.
If you are an Intel investor who purchased shares of Intel during the Class Period and wish to serve as a lead plaintiff, you must move the Court no later than March 12, 2018. As a member of the class, you may seek to file a motion to serve as a lead plaintiff or take no action and remain an absent class member. If you wish to become involved in the litigation or have questions about your legal rights, you are encouraged to contact attorney Bradley Walker at (617) 398-5600, by e-mail at firstname.lastname@example.org, or by visiting http://www.Blockesq.com/intelceo.
Confidentiality to whistleblowers or others with information relevant to this investigation is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
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SOURCE Block & Leviton LLP