January 15, 2021 - A consolidated complaint was filed.

July 28, 2020 - An investor in shares of Intel Corporation (NASDAQ: INTC) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Intel Corporation in connection with certain allegedly false and misleading statements made between April 23, 2020 and July 23, 2020.

Santa Clara, CA based Intel Corporation provides computing, networking, data storage, and communication solutions worldwide.

On July 23, 2020, Intel announced a further delay to its 7nm product, explaining “[t]he primary driver is the yield of Intel's 7nm process, which based on recent data, is now trending approximately twelve months behind the company's internal target.” The Company also announced disappointing third quarter earnings guidance. Shares of Intel Corporation (NASDAQ: INTC) declined from $61.93 per share on July 21, 2020 to $46.97 per share on July 31, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Intel Corporation (NASDAQ: INTC) common shares between April 23, 2020 and July 23, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between April 23, 2020 and July 23, 2020, the Defendants failed to disclose to investors that Intel had identified a defect mode in its 7-nanometer process that resulted in yield degradation, that, as a result, the Company would experience a six-month delay in its production schedule for 7-nanometer products, that Intel was reasonably likely to rely on third-party foundries for manufacturing its 7-nanometer products, 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 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.