Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Intel Corporation (NasdaqGS: INTC).
On January 2, 2018, news reports revealed a “fundamental design flaw” in Intel’s processor chips that increased vulnerability to hacking, potentially allowing unauthorized third parties to access chip memory holding sensitive information, which the Company confirmed the next day. Software updates to fix the security flaws were reportedly causing other problems, including significantly slowing down the processor speeds. The Company has stated that Google researchers informed the Company of the flaws “a while ago”; however, Google has stated it informed Intel of the flaws between June and July 2017. In addition, media reports have revealed that Intel’s CEO sold millions of dollars’ worth of Intel shares after learning of the flawed chips, but before public disclosure of the problems.
The Company and certain of its executives have been sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws. Further, the Company recently disclosed that 30 class action lawsuits have been filed against it by consumers relating to the flawed chips.
KSF’s investigation focuses on whether Intel’s officers and/or directors breached their fiduciary duties to Intel’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Intel shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org), or click here.