Intel Officers, Ex-CEO Sued Over Market Dip After Reorganization

A group of current and former Intel Corp. executives, including former CEO Pat Gelsinger, were accused of violating federal securities law by causing or allowing the company to issue misleading statements, according to a shareholder derivative lawsuit.

The Intel officers named as defendants failed to adequately oversee the company’s operations while Intel made false and misleading statements about the reorganization of a manufacturing segment, the complaint filed Tuesday in the US District Court for the Northern District of California alleges.

Intel in 2021 announced a new strategy to expand its semiconductor manufacturing, and in 2022 revealed that it was transitioning ...