San Francisco, California--(Newsfile Corp. - July 24, 2020) - Hagens Berman urges Intel Corporation (NASDAQ: INTC) investors who have suffered significant losses to submit their losses now. Hagens Berman also encourages persons who may be able to assist the Firm's investigation of possible securities fraud to contact the firm.
The investigation centers on whether Intel misrepresented and concealed manufacturing and performance issues with its next generation 7-nanometer chips.
Beginning at the Company's 2019 annual investor conference, Intel continuously represented that it would start shipping its first 7nm chips in 2021. The news was well-received since the Company claimed the 7nm chip would deliver double the area efficiency of its 10nm chips. Moreover, in the wake of severe delays derailing its 10nm chips, Intel assuaged concerns by stating, "We've made time-to-market the priority," and repeatedly affirmed the 7nm chip's timetable.
But on July 23, 2020, Intel announced a significant delay in the rollout of its 7nm chip, thereby adversely impacting the Company's roadmaps. On a call with analysts, Intel CEO Bob Swan said the Company had identified a "defect mode" in its 7nm process that caused yield degradation issues. As a result, Intel has invested in "contingency plans," including outsourcing manufacturing to third-party foundries. Consequently, the 7nm will likely not debut on the market until late 2022 or early 2023.
Analysts were shocked by the Company's disclosures, including Stacy Rasgon of Sanford C. Bernstein, reportedly calling the news of the 7nm delay "the worst we have seen in our career covering the company" and concluding, "Whatever little credibility they had is out of the window."
On this news, Intel's share price has sharply declined.
"We're focused on investors' losses and whether Intel misled investors about the 7nm schedule and related manufacturing issues," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of Intel and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Intel should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email INTC@hbsslaw.com.
# # #
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/60513