https://www.reuters.com/legal/intel-is-sued-by-shareholders-alleging-securities-fraud-2024-08-07/
10 replies (most recent on top)
Where can I sign up to join this class action against Intel?
Pat has an ace up his sleeve, Bain Capital.
You cannot mention CFO and competent in the same breath. Every time he opened his mouth I was WTF?
This is relevant to the case:
https://www.eweek.com/pc-hardware/intel-arc-pat-gelsingers-revenge/
"Pat Gelsinger was one of the front runners to take over Intel years ago when he was asked to take over Larrabee Microarchitecture; that effort was supposed to finally give Intel a high-end GPU that could compete with NVIDIA and AMD. However, the project ran into big challenges. While internal reporting indicated things were going surprisingly well – few to no problems – the reality was far different. One of the best managers in the company, having been mentored by Andy Grove and incredibly well regarded, he should have become CEO in the early 2000s, but, instead, he was forced out"
Pat was to problem leading to the toxic culture shift. He was pushed out. The board brought the problem back and....here we are.
When Pat was a product manager at intel it was quite normal to fib about missing milestones and hiding hardware and software issues thinking you could make up the lost time and fix the issues before launch. We should mention how that worked out for the Larrabee project? In the real world when your now the CEO and reporting on corporate earnings this approach is illegal.
Intel being sued isn’t limited to Pat and his minions. It will affect everyone if Intel loses.
When was the last time they pass their bussiness school exams? I am wondering if Intel CEO and his staffs have any bussiness or finance degree when they were hired to run a big corporation 🤔. Without any bussiness degree, these scammers work like cheating con artists and liars.
A lot skeletons will come out of their closets. Watch they will start deserting fast. Like rats from a sinking ship. In an aim the legally distance themselves from this sh-t storm
Yes, this is completely expected. The CFO mentioned multiple times that "all the bad news is out" at earnings releases. However, he did that knowing about the serious manufacturing defects with a range of different chip skus. That is a gigantic, colossal error to make for any executive. The class action legal action will be extremely large. There will likely be multiple class actions against the company. The massive layoffs will not save one penny - all of the cost reductions will help pay for the class actions that Intel's incompetent Executives created.