HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Intel (INTC) Investors with Significant Losses to Contact Its Attorneys Now, Securities Fraud Case Filed

SAN FRANCISCO, July 29, 2020

Class Period: April 23, 2020 - July 23, 2020
Lead Plaintiff Deadline: Sep. 28, 2020
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Intel Corporation (INTC) Class Action:

The complaint alleges Intel and senior management misrepresented and concealed manufacturing and performance issues with its next generation 7-nanometer chips. Specifically, Intel touted its first 7nm chips, while omitting to disclose that: (1) 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; and (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.

The complaint alleges that investor learned the truth on July 23, 2020, when 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, on unusually heavy trading volume.