Accused of concealing $7 billion in massive losses! Intel faces class-action lawsuit

Introduction: According to a recent report by Tom's Hardware, Intel Corporation is facing a class-action lawsuit, with investors accusing the company of concealing approximately $7 billion (about RMB 50.8 billion) in massive losses incurred by its Intel Foundry Services division. Image: Intel Corporation headquarters The report states that investors allege Intel failed to properly disclose the manufacturing division’s losses when reporting its 2023 financial results in January this year. Furthermore, Intel reportedly outsourced roughly 30% of its production capacity to foundries such as TSMC—further angering investors. This lawsuit was initiated by the law firm Levi & Korsinsky, which is urging Intel investors to join the class-action suit against the company. Starting in Q1 2024, Intel adopted its so-called “internal foundry” model, under which both its internal product divisions and external customers can obtain manufacturing and packaging services from Intel Foundry—a newly established, internally independent division. Previously, Intel did not separately report financial performance for its manufacturing operations; instead, it only disclosed revenue and results for Intel Foundry Services—the segment responsible for selling manufacturing services to external clients. Image: Intel’s stock price trend After Intel fully disclosed its new organizational structure in April 2024, it was compelled to recalculate the historical financial performance of Intel Foundry as an independent division for prior years. The revised figures revealed that the division incurred losses of approximately $7 billion in 2023—triggering a sharp decline in Intel’s stock price. Moreover, Intel’s outsourcing of roughly 30% of its production capacity to foundries like TSMC further inflamed investor frustration. When Intel reported its manufacturing division’s Q1 2024 results, it revealed that Intel Foundry posted a $2.5 billion loss on $4.4 billion in revenue for the quarter. Since the beginning of the year, Intel’s market capitalization has shrunk by about one-third.

Global investor law firm ROSEN encourages Piedmont investors who suffered losses exceeding $100,000 to join the class-action lawsuit

Next Steps: To join the Piedmont class-action lawsuit, please visit http://www.rosenlegal.com/cases-register-2124.html, call toll-free at 866-767-3653, or email Phillip Kim at pkim@rosenlegal.com or cases@rosenlegal.com for more information about the litigation. The law firm has already filed the class-action complaint. If you wish to serve as lead plaintiff, you must apply to the court no later than September 21, 2021. The lead plaintiff is the representative party who acts on behalf of other class members to steer the litigation. Why Choose ROSEN LAW: We encourage investors to select qualified attorneys with a proven, verifiable track record of success in leadership roles. Law firms issuing public notices often lack comparable experience, resources, or rigorous peer recognition—so choosing your legal counsel wisely is essential. Rosen Law Firm serves investors globally, specializing in securities class actions and shareholder derivative litigation. Rosen Law Firm initiated the largest securities class action ever filed against a Chinese company—and successfully achieved settlement. In 2017, ISS Securities Class Action Services ranked Rosen Law Firm #1 among law firms for the number of securities class-action settlements achieved. Since 2013, Rosen Law Firm has consistently ranked among the top four firms on that list—and has recovered hundreds of millions of dollars for investors. In 2019 alone, the firm recovered over $438 million for investors. In 2020, founding partner Laurence Rosen was named a “Titan of Plaintiffs’ Bar” by Law360. Numerous attorneys at the firm have been recognized by Lawdragon and Super Lawyers.

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