Glancy Prongay & Murray LLP ("GPM") announces that a class action lawsuit has been filed on behalf of investors that purchased Intel Corporation ("Intel" or the "Company") INTC securities between July 27, 2017 and January 4, 2018, inclusive (the "Class Period"). Intel investors have until March 12, 2018 to file a lead plaintiff motion. To obtain information or participate in the class action, please visit the Intel page on our website at www.glancylaw.com/case/intel-corporation.
Investors suffering losses on their Intel investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to shareholders@glancylaw.com.
On January 2, 2018, news media reported that a significant design flaw in Intel's processor chips could allow malicious software to read protected areas of a device's kernel memory, causing Intel's processor chips to be "vulnerable to hackers" and "raises concerns about the company's main products and brand." The Register reported that the operating system updates necessary to address the vulnerability would likely result in "a ballpark figure of five to 30 percent slow down, depending on the task and the processor model," for Intel-based computing devices.
On this news, shares of Intel fell $1.85, or 3.94%, to close at $45.00 on January 3, 2018, thereby injuring investors.
The complaint filed in this class action alleges that, throughout the Class Period, Intel and certain of its senior executive officers made false and misleading statements and/or failed to disclose that: (1) there is a fundamental design flaw in Intel's processor chips as they contain a feature that makes them vulnerable to hacking; (2) updates to fix the problems in Intel's processor chips could cause Intel chips to operate 5 - 30% more slowly; and (3) as a result, defendants' public statements were materially false and misleading at all relevant times.
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If you purchased shares of Intel during the Class Period you may move the Court no later than March 12, 2018 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180222006327/en/
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