NEW YORK, March 6, 2018 /PRNewswire/ -- Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") today announced that it has filed a securities class action lawsuit on behalf of Louisiana Sheriffs' Pension & Relief Fund ("Louisiana Sheriffs") against Intel Corporation ("Intel" or the "Company") INTC and certain of its senior executives. The action, which is captioned Louisiana Sheriffs' Pension & Relief Fund v. Intel Corporation, No. 5:18-cv-01460 (N.D. Cal.) (the "Louisiana Sheriffs Action"), asserts claims under the Securities Exchange Act of 1934 on behalf of investors in Intel stock during the period of October 27, 2017 to January 4, 2018, inclusive (the "Class Period").
The complaint alleges that during the Class Period, Intel misrepresented the security and performance of the Company's processors. Throughout the Class Period, defendants falsely told investors that the Company's chips were based on a secure architecture and outperformed its competitors' products. In truth, Intel's chips were subject to major security vulnerabilities that allowed hackers to access users' most sensitive personal information, and fixing the flaws will significantly impair the chips' performance. When the truth regarding Intel's processors was revealed, the price of the Company's stock declined approximately 5%.
If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than 60 days from the date that notice of pendency of an action asserting substantially the same claims as the Louisiana Sheriffs Action was published. On January 10, 2018, counsel for plaintiff Elvis Alvira published notice of the pendency of an action asserting substantially the same claims as the Louisiana Sheriffs Action. See Alvira v. Intel Corporation, No. 2:18-cv-00223-FMO-RAO (C.D. Cal. filed Jan. 10, 2018) (the "Alvira Action"). Accordingly, the deadline for filing a motion for appointment as Lead Plaintiff is March 12, 2018. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.
The Alvira Action and another action filed by plaintiff Meerain Ali, Ali v. Intel Corporation, No. 4:18-cv-00507-YGR (N.D. Cal. filed Jan. 23, 2018), assert securities fraud claims on behalf Intel investors beginning on July 27, 2017. Investors that purchased Intel stock between July 27, 2017 and October 27, 2017 could not have incurred any losses on those shares as a result of Intel's alleged fraud because the price at which those shares were purchased was lower than the price of Intel stock after the disclosure of the alleged fraud. Accordingly, the proper date to begin to assert securities fraud claims on behalf of Intel investors is October 27, 2017, the first day that investors could have incurred losses on their purchases of Intel stock as a result of Intel's alleged misconduct.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Avi Josefson of BLB&G at 212-554-1493, or via e-mail at avi@blbglaw.com.
Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity. Specializing in securities fraud, corporate governance, shareholders' rights, employment discrimination, and civil rights litigation, among other practice areas, BLB&G prosecutes class and private actions on behalf of institutional and individual clients worldwide. Unique among its peers, BLB&G has obtained several of the largest and most significant securities recoveries in history, recovering billions of dollars on behalf of defrauded investors. More information about BLB&G can be found online at www.blbglaw.com.
CONTACT:
Avi Josefson
Bernstein Litowitz Berger & Grossmann LLP
1251 Avenue of Americas
New York, New York 10020
Telephone: (212) 554-1493
SOURCE Bernstein Litowitz Berger & Grossmann LLP
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