Shareholders sued fraud against Intel
Times are already going pretty bad for chipmaker Intel. Meanwhile, the company's own shareholders filed a fraud suit against Intel. News Reuters.
According to the news, last Wednesday (August 7) the shareholders filed a case against Intel. They allege that the company deliberately hid some of the problems that led to lower sales, job losses and shareholders being deprived of dividends. In addition, Intel lost 32 billion US dollars in the stock market in one day.
Intel's CEO Patrick Gelsinger and Chief Financial Officer David Zinsner are accused in a lawsuit filed in San Francisco federal court.
Shareholders say Intel inflated its share price between January 25 and August 1 by making false and misleading statements about its business and manufacturing capabilities.
