INTC - Intel slapped with class action lawsuit over foundry revenues — litigants allege securities fraud

- $INTC stock hit low of $24 in Q3, climbed to $54 in January, now at $30 - Foundry business lost $2.5B on $4.4B revenue in Q1 - Back reporting shows $19B revenue, $7B deficit for 2023 foundry business - Lawsuit claims Intel knew about poor foundry business but mislead investors - Investors holding INTC stock Jan 24-Apr 25, 2024 may be interested - Intel is facing a class action lawsuit by Levi & Korsinsky for allegedly misrepresenting its financial results regarding its manufacturing division - The suit claims that Intel's Foundry Services experienced significant losses and declining profit in 2023, impacting investors - Intel's internal foundry model and outsourcing to TSMC have also affected its financial performance - The lawsuit alleges that Intel's positive statements about its business and Foundry strategy were misleading - Investors who lost money on Intel stock from January 24 to April 25, 2024, have until July 2, 2024, to request to be the lead plaintiff.