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Intel Corporation

Company NameIntel Corporation
Stock SymbolINTC
Class PeriodOctober 25, 2019 to July 23, 2020
Lead Plaintiff Motion DeadlineSeptember 28, 2020

On July 23, 2020, after the market closed, Intel disclosed that production of its 7-nanometer chips would be delayed after the Company had "identified a defect mode in [its] 7-nanometer process that resulted in yield degradation."

On this news, the Company's share price fell more than 10% in afterhours trading on July 23, 2020.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: : (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.

 

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