SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Intel Corporation of Class Action Lawsuit and Upcoming Deadline - INTC

NEW YORK, Sept. 14, 2020

If you are a shareholder who purchased Intel securities during the class period, you have until September 28, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Intel is a technology company that provides computing, networking, data storage, and communication solutions worldwide.  It operates through Data Center Group, Internet of Things Group, Non-Volatile Memory Solutions Group, Programmable Solutions Group, Client Computing Group, and All Other segments.

According to Intel, its 7-nanometer CPU technology is the next generation following Intel's 10-nanometer technology.  Intel claims that 7-nanometer technology offers double the area efficiency of 10-nanometer products, and will offer 20% higher performance per watt.  In May 2019, Intel projected to ship its first 7-nanometer products in 2021.

The complaint 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: (i) that Intel had identified a defect mode in its 7-nanometer process that resulted in yield degradation; (ii) that, as a result, the Company would experience a six-month delay in its production schedule for 7-nanometer products; (iii) that Intel was reasonably likely to rely on third-party foundries for manufacturing its 7-nanometer products; (iv) 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 (v) 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 [its] seven-nanometer process that resulted in yield degradation."