Thread regarding Intel Corp. layoffs

https://www.kxan.com/business/press-releases/cision/20240506DC06490/intc-investor-alert-bronstein-gewirtz-grossman-llc-announces-that-intel-corporation-investors-with-substantial-losses-have-opportunity-to-lead-class-action-lawsuit/

It will take years for this to actually get to a court room and according to PG Intel will be so wildly successful by then that the plaintiffs will drop the case and light their cigars with hundred dollar bills…. lol. How much can they recover? Intel is so far in debt and continuing to spend while revenue continues to drop and the product line lags the competition with more failures in sight. Why does anyone work here and why would anyone invest here?

Hilariously, Intel has a pretty good defense. "It's not fraud, it's just that we're incompetent."

Intel can simply show all the delays and failures, starting with the 14+++++++++ due to the endless 10 nm delays. The argument comes down to: there's no fraud, your honor, we're just bad at tech!

There's endless PowerPoint showing products with the "original" schedules, going back years, that had to be continually updated due to schedule slip or outright cancellations.

So the argument comes down to: we've been very bad at our jobs for years, if this is a surprise, then that's on you.

Of course, INTC would likely settle, without admission of guilty. Because the mountain of C-suite and ELT emails, forced to turn over during discovery, would probably land someone in prison.

Lawyers on both sides will get paid

Intel even stole back my 20 unvested RSUs value at $45 each. Damn it.

@osd If it were that transparent, the stock would not have been priced at $50 a few months earlier.

The execs set expectations and failed to meet them. The argument will be did they know prior to setting those expectations?

Selling a Rolex on canal street is misrepresentation and is illegal.

I would rule against them. Pat was so obviously and transparently lying throughout the IFS hype that no one can claim to be defrauded. It’s like suing the guy who sold you a $20 Rolex watch on Canal Street.

According to the Complaint, Defendants failed to disclose to investors that: (1) the growth of Intel Foundry Services (“IFS”) was not indicative of revenue growth reportable under the Internal Foundry (“Foundry”) segment; (2) the Foundry experienced significant operating losses in 2023; (3) the Foundry experienced a decline in product profit driven by lower internal revenue; and (4) as a result the Foundry model would not be a strong tailwind to the Company’s IFS strategy.

https://www.morningstar.com/news/globe-newswire/9111838/intel-corporation-nasdaq-intc-investor-alert-bernstein-liebhard-llp-announces-that-a-securities-class-action-lawsuit-has-been-filed-against-intel-corporation

Not sure they have a complaint.
Everybody saw this coming.

It was just a matter of time. I wonder what they consider substantial losses?

Good