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Intel Corporation has successfully dismissed a shareholder lawsuit that accused the company of fraudulently concealing issues within its foundry business. A U.S. judge ruled in favor of Intel, which had faced claims that its actions led to a $7 billion loss in its foundry operations. The lawsuit was tied to a dramatic 26% plunge in Intel's stock, resulting in a loss of over $32 billion in market value in a single day. The ruling spares Intel from potential fraud claims related to these events, which also included job cuts and a suspension of dividends.
I was working for @Intel nineteen years ago and worked tirelessly to convince management to buy Nvidia, after AMD purchased ATI. Intel management was too dense to understand what I was talking about, and instead of skyrocketing in value - their stock has sunk like a stone. https://t.co/ZOjNQL2Ldn
$INTC everytime you bought back in around $20 you got rewarded for a swing trade long. Works until it doesn’t?
Intel defeats a shareholder lawsuit accusing the chipmaker of fraudulently concealing problems in its foundry unit, leading to job cuts and a $32B stock plunge (@jonathanstempel / Reuters) https://t.co/Na2YCh7Rkc https://t.co/NrOJjGeHzX https://t.co/ZOzeer1FAj
