Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Intel Corporation (NASDAQ:INTC) in connection to alleged violations of securities laws by INTC. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in Intel Corporation from July 27, 2017 until January 4, 2018.
The class action complaint specifically alleges that during the period in question, INTC might have provided false and/or misleading material information, and/or failed to disclose adverse material information, chiefly: that the company’s processor chips contained a certain vulnerability to hacking, which was a fundamental error in the chips’ design; that available updates to address this flaw might could adversely affect the speed at which they operate anywhere from 5%-30%; and that consequently the company’s statements to the public during the relevant period were false and misleading. Several news publications reported on January 2, 2018 that the company’s processor chips made it possible for software to access protected regions of a device’s kernel memory, which potentially exposed protected data, like a user’s passwords. The next day, publications reported that Google Project Zero had discovered various security flaws that permitted third parties to collect sensitive information from a computer’s memory. Intel confirmed, on that same day, that its chips contained these vulnerabilities. When this news came to light, Intel’s shares fell more than 3.5%, or $1.59, closing at $45.26/share on that day. It was reported on January 4, 2018 that Intel’s CEO had sold approximately $24 million in Intel stock and options after learning in late November of these vulnerabilities, before that information was publicly reported. When this news came to light, Intel’s shares declined 1.83%, or $0.83, closing at $44.43/share on that day.
According to the company’s website, Intel Corporation is a technology company engaged in the design, manufacture and sales of computer parts, such as processors, and other products. It manufactures processors, microprocessors, chipsets, flash memory technology, microcontrollers, graphics software, network software, systems management software, conference software, and more.
A class action lawsuit has already been filed in connection with Intel Corporation. If you wish to serve as lead plaintiff in the INTC lawsuit, you must move the Court no later than March 12, 2018. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.