Intel Sued Over Disappointing Results After Reorganization (2)

Intel Corp. made misleading statements about an internal reorganization that created a separate segment for manufacturing services, an investor alleges in a suit over a recent pair of stock drops.

That segment reported a $7 billion operating loss for 2023, sending stock prices down 8.2% after the April 2 announcement, shareholder Patricia Quille said. Quille filed her suit May 3 in the US District Court for the Northern District of California.

And a new financial reporting structure for Intel’s “internal foundry” model resulted in a 10% year-over-year revenue decline in the first quarter of 2024, when the new reporting method ...