In re Intel Corporation Securities Litigation
|Court:||United States District Court, Northern District of California|
|Judge:||Hon. Yvonne Gonzalez Rogers|
|Class Period:||10/27/2017 - 01/04/2018|
|Case Contacts:||David R. Stickney, Richard D. Gluck, Lucas E. Gilmore|
This is a securities fraud class action filed on behalf of all purchasers of Intel Corporation (“Intel” or the “Company”) common stock between October 27, 2017 and January 4, 2018, inclusive (the “Class Period”), alleging claims pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against Intel, one of the world’s leading manufacturers of computer processors and related components, and three of the Company’s senior executives.
The case, which was commenced by Louisiana Sheriffs’ Pension & Relief Fund on March 6, 2018, concerns Defendants’ alleged misrepresentations regarding the security and performance of Intel’s processors. The Complaint alleges Defendants falsely told investors that the Company’s chips were secure and among the fastest ever produced when, in truth, Intel knew that its chips were subject to “fundamental” security vulnerabilities that allowed hackers to access users’ most sensitive personal information. The Complaint alleges that fixing the flaws significantly impairs the chips’ performance. In response to Defendants’ statements, the price of Intel’s shares traded at artificially-inflated levels, reaching a high of over $47 per share during the Class Period. When the truth emerged in a series of partial disclosures, the price declined to $44 per share.
On May 29, 2018, the Court appointed Louisiana Sheriffs’ Pension & Relief Fund as Lead Plaintiff for the Class and BLB&G as Lead Counsel. Under the current schedule, Lead Plaintiff’s consolidated complaint is due to be filed on July 10, 2018; Defendants’ responsive pleadings are due on August 29, 2018; opposition to any motion to dismiss is due on October 3, 2018; the reply is due on October 29, 2018; and the hearing on any motion to dismiss is to be noticed for November 20, 2018.
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