Aug 7, 11:25 PM

Intel Faces $32B Loss Lawsuit, CEO Gelsinger Named

Intel Corporation is facing a lawsuit from shareholders who accuse the company of fraudulently concealing problems that led to weak second-quarter results. The issues prompted the Silicon Valley chipmaker to suspend its dividend and plan a 15% workforce reduction. The lawsuit, filed in a San Francisco federal court, also targets Intel's CEO, Patrick Gelsinger. The company's stock has plummeted 38% in a week, and it has been downgraded again. Intel's recent earnings fell short of analysts' expectations, resulting in a 26% single-day selloff, bringing its market cap below $100 billion for the first time in three decades. Shareholders allege that Intel hid problems related to its in-house chip manufacturing business, contributing to a $32 billion loss.

#Intel Corporation #Silicon Valley #San Francisco #Intel #Patrick Gelsinger

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