LOS ANGELES, July 24, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Intel Corp. (NASDAQ: INTC) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors. The investigation focuses on whether the company misled investors in connection with a delay in production of Intel’s 7-nanometer production process, and the resulting loss of competitive advantage.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On July 23, 2020, Intel announced that a new 7-nanometer production process was delayed again, “[t]he company’s 7nm-based CPU product timing is shifting approximately six months relative to prior expectations,” the company said as it reported quarterly results on Thursday. “The 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.”
On July 24, 2020, following a conference call with Intel management, several analyst firms sharply criticized the company. “This, our 45th Intel earnings call, was the worst we have seen in our career covering the company,” wrote Bernstein analyst Stacy Rasgon. “From here we see things growing increasingly painful” as the delays “are likely to overshadow anything good they can put forth.” Barclays wrote that Intel has “no viable roadmap to remain competitive.”
On news of the delay, and after the conference call, the Company’s shares fell sharply in intraday trading on July 24, 2020, thereby injuring investors.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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