NEW YORK, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors Intel Corporation (“Intel” or the “Company”) (NASDAQ: INTC). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Intel Corporation and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On July 23, 2020, Intel reported that the Company had “identified a defect mode in our 7-nanometer process that resulted in yield degradation,” indicating that it expected the defect to cause a six-month delay in shipping the Company’s 7-nanometer processors. Reacting to the news, at least eight investment firms downgraded Intel stock to hold or sell ratings, with Deutsche Bank analyst Ross Seymore opining that the “delay of [Intel’s] 7-nanometer roadmap will foster fears of competitive pressures persisting, if not accelerating over the next 2-3 years.”
On this news, Intel’s stock price fell $9.81 per share, or 16.24%, to close at $50.59 per share on July 24, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.