NEW YORK, Aug. 3, 2020 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Intel Corporation ("Intel" or the "Company") (NASDAQ: INTC) between April 23, 2020 and July 23, 2020, inclusive (the "Class Period"). The lawsuit filed in the United States District Court for the Northern District of California alleges violations of the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that Intel had identified a defect mode in its 7-nanometer process that resulted in yield degradation; (2) that, as a result, the Company would experience a six-month delay in its production schedule for 7-nanometer products; (3) that Intel was reasonably likely to rely on third-party foundries for manufacturing its 7-nanometer products; (4) that, as a result of the foregoing, Intel was reasonably likely to lose market share to its competitors who are already selling 7-nanometer products; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On July 23, 2020, after the market closed, Intel disclosed production delays for its 7-nanometer products after the Company had "identified a defect mode in our seven-nanometer process that resulted in yield degradation."
On this news, the Company's share price fell $9.81, or approximately 16% to close at $50.59 per share on July 24, 2020.
If you wish to serve as lead plaintiff, you must move the Court no later than September 28, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.