Intel has successfully fought off a shareholder lawsuit that claimed the company fraudulently concealed issues within its foundry operations, which resulted in significant job losses and a drastic market value drop. A U.S. judge determined that accusations regarding the company's late disclosure of a $7 billion operational loss were unfounded. The judge clarified that statements made by former CEO Patrick Gelsinger were not misleading and pertained to specific customers rather than the company’s overall financial performance, which had suffered recently.
U.S. District Judge Trina Thompson ruled that Intel's disclosures about a $7 billion loss were timely, rejecting claims of fraudulent concealment by shareholders.
The judge clarified that former CEO Patrick Gelsinger's statements regarding foundry services were not misleading, referencing particular customer traction despite overall sales decline.
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