Intel - Business Outrank

A US District Court has refused a shareholder lawsuit against Intel claiming the company had mislead investors about a $7 billion operating loss in its foundry business. The class action, which alleged that Intel’s delayed disclosure led to mass layoffs and a dividend suspension and the destruction of $32 billion of shareholder value in one day, was dismissed by Judge Trina Thompson. In her opinion, the court held that shareholders had not been able to prove that Intel had misled investors. The court also noted that Intel had not reported actual financial results that were wrong, and that statements made by then CEO Patrick Gelsinger in March 2024 about "growing demand" were not materially misleading. His comments were about particular clients, not overall revenue. The suit covered the time from January through August N the court's opinion, the stock was said to have been overvalued. On August 1, the company reported a quarterly loss of $1.61 billion, laid off more than 15,000 people, and froze the dividend in order to cut $10 billion by 2025. The stock then dropped 26%, erasing billions of market value. Intel still shares the company's woes in competing against the likes of Nvidia, AMD, Samsung, and TSMC in the new age AI driven semiconductor market. It has named a new CEO in December 2024 because of financial issues. Although Intel did not comment on the ruling, its shareholders may try again with a new complaint.

What's Hot

Mastercard and Visa Linked to Illegal Gambling Sites Scamming UK Customers

Virgin Targets £700m Investment to Challenge Eurostar on Cross-Channel Trains

US Tariffs on Pharma Imports Threaten Indian Firms, Auto Sector Remains Unaffected

Virus Susceptibility in Species: Study Reveals Surprising Findings

Effective Yoga Poses to Naturally Manage Blood Sugar Levels

Health Budgets Of States Fall Below 8%, Missing National Health Policy Targets

The Connection Between Diet and Organic Skincare – Foods for Healthy Skin

Priyanka Chopra’s Stunning Desi Look Steals the Spotlight at Her Brother’s Wedding Festivities

Jana Nayagan: Vijay Wields a Whip in Stunning 2nd Look Poster, Thrilling Fans

Assam’s Jatin Goswami Honored with Padma Bhushan for Sattriya Legacy

Vijay Vikram Singh Urgently Appeals for Respect Amidst Intense Backlash from Rajat Dalal Fans: ‘I Am Not Bigg Boss

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Indian government approves Singapore Airlines bid to merge Vistara and Air India

Independence Day and Raksha Bandhan Fuel Airbnb Travel Rush

Virus Susceptibility in Species: Study Reveals Surprising Findings

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Bachchan’s ₹83 Crore Duplex Sale Sparks Unbelievable Investment Growth

Kartik Aaryan’s Fitness Secret: How He Achieved a Stunning Transformation

Browsing: Intel

Intel Wins Dismissal of Shareholder Lawsuit Over Foundry Losses

Mastercard and Visa Linked to Illegal Gambling Sites Scamming UK Customers

Virgin Targets £700m Investment to Challenge Eurostar on Cross-Channel Trains

US Tariffs on Pharma Imports Threaten Indian Firms, Auto Sector Remains Unaffected

AI Agents for Small Businesses: Meta and Salesforce Lead the Way

Our Picks

Mastercard and Visa Linked to Illegal Gambling Sites Scamming UK Customers

Virgin Targets £700m Investment to Challenge Eurostar on Cross-Channel Trains

US Tariffs on Pharma Imports Threaten Indian Firms, Auto Sector Remains Unaffected

Most Popular

Mastercard and Visa Linked to Illegal Gambling Sites Scamming UK Customers

Harvesting Hope: Rahul Gandhi’s Empathy in Action with Farmers before 2024 Elections

Is Modi Afraid? Congress Leader Accuses PM of Targeting Rahul Gandhi

Subscribe to Updates

What's Hot

Browsing: Intel