Reported 10 months ago
Chip giant Intel is currently facing a class-action lawsuit for allegedly not disclosing the losses in its manufacturing division accurately and outsourcing about 30% of its production capacity to partners like TSMC, causing a significant drop in its stock price with a loss of over 36% in value. The lawsuit, initiated by Levi & Korsinsky, accuses Intel of misleading statements regarding its in-house manufacturing operations and seeks accountability for the estimated $7 billion loss in 2023, prompting disappointed investors to join the securities fraud lawsuit until the July 2 deadline.
Source: YAHOO