Intel CEO, Board Hit With Shareholder Suit Over Chip Delay

Dec. 2, 2020, 7:19 PM

Intel Corp.'s CEO, officers and board members face a derivative suit in Delaware federal court alleging they made misrepresentations to investors about the company’s development and making of a seven-nanometer chip while knowing the product launch would be delayed.

The shareholder alleges the defendants, beginning on Oct. 25, 2019, repeatedly stated Intel had made good progress and was on track to launch the chip in 2021, according to the complaint in the U.S. District Court for the District of Delaware.

But they allegedly knew Intel produced too many defective chips and that the company was unable to manufacture the chip ...

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