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Intel defeats shareholder lawsuit over foundry losses, $32 billion plunge
Reuters
Intel defeats shareholder lawsuit over foundry losses, $32 billion plunge
Jonathan Stempel
Updated Wed, March 5, 2025 at 12:13 PM EST 2 min read
• By Jonathan Stempel
(Reuters) - Intel (INTC) won the dismissal of a shareholder lawsuit accusing the chipmaker of fraudulently concealing problems in its foundry business, leading to job cuts and a dividend suspension that wiped out more than $32 billion of market value in one day.
In a decision made public on Tuesday, U.S. District Judge Trina Thompson in San Francisco rejected claims that Intel took too long to reveal a $7 billion fiscal 2023 operating loss linked to its business of making chips for outside customers.
Intel did not disclose the loss until last April, when it made changes to how it reported financial results.
{snip}
Intel defeats shareholder lawsuit over foundry losses, $32 billion plunge
Jonathan Stempel
Updated Wed, March 5, 2025 at 12:13 PM EST 2 min read
• By Jonathan Stempel
(Reuters) - Intel (INTC) won the dismissal of a shareholder lawsuit accusing the chipmaker of fraudulently concealing problems in its foundry business, leading to job cuts and a dividend suspension that wiped out more than $32 billion of market value in one day.
In a decision made public on Tuesday, U.S. District Judge Trina Thompson in San Francisco rejected claims that Intel took too long to reveal a $7 billion fiscal 2023 operating loss linked to its business of making chips for outside customers.
Intel did not disclose the loss until last April, when it made changes to how it reported financial results.
{snip}