AMD Misled Investors on Diversity Efforts, Pension Suit Says

Advanced Micro Devices Inc.‘s leadership misled investors about its commitment to diversity while having no Black board members or senior executives, according to a shareholder derivative suit in federal district court in California.

The company’s CEO and board breached their fiduciary duty by “making false assertions about the Company’s commitment to diversity and acted inconsistent with their obligation to increase shareholder returns, which research confirms is attained through more diverse leadership teams,” a pension fund for the city of Pontiac, Mich., said in the suit filed Tuesday.

The Santa Clara, Calif.-based chipmaker was listed among the 20 largest U.S. ...