According to the Complaint, Intel Corporation is a technology company that provides computing, networking, data storage, and communication solutions worldwide. It operates through Data Center Group, Internet of Things Group, Non-Volatile Memory Solutions Group, Programmable Solutions Group, Client Computing Group, and All Other segments.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that Intel had identified a defect mode in its 7-nanometer process that resulted in yield degradation; (2) that, as a result, the Company would experience a six-month delay in its production schedule for 7-nanometer products; (3) that Intel was reasonably likely to rely on third-party foundries for manufacturing its 7-nanometer products; (4) that, as a result of the foregoing, Intel was reasonably likely to lose market share to its competitors who are already selling 7-nanometer products; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On September 16, 2020, the Court issued an Order consolidating cases. On October 20, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel. All future docketing was ordered to be done in the lead case 20-CV-05194.

Lead Plaintiffs filed a consolidated Complaint on January 15, 2021. Defendants filed a Motion to Dismiss the consolidated Complaint on March 16. On March 31, 2023, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiffs were given leave to amend the Complaint. On April 27, Lead Plaintiffs and the Defendants requested that the Court enter Judgment, and on April 28, the Court entered Judgment in favor of the Defendants.

Lead Plaintiffs filed a notice appealing the Judgment of the Court on May 2, 2023. On April 19, 2024, the Court of Appeals affirmed the ruling of the District Court.