Intel is facing a class action lawsuit brought by some of its own shareholders, in a case that specifically names Intel CEO Pat Gelsinger and CFO David Zinsner among the defendants. The case alleges that Intel engaged in a “fraudulent scheme,” by failing to inform investors about the scale of losses endured by its chip-making foundry business.
Intel’s share price has had a rough ride lately, plummeting from $47.80 at the start of 2024 to just $19.64 right now, with a particularly sharp drop after its Q2 2024 financial results were announced, along with a plan to lay off over 15,000 workers. Meanwhile, the best gaming CPUs made by Intel are having to be fixed by microcode updates to stop them crashing.
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