NEW YORK, May 10, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Intel Corporation (NASDAQ: INTC), and AXT, Inc. (NASDAQ: AXTI). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Intel Corporation (NASDAQ: INTC)
Class Period: January 25, 2024 - April 25, 2024
Lead Plaintiff Deadline: July 2, 2024
On April 2, 2024, after the markets closed, Intel issued a press release which disclosed a retrospective revision of the Company's financial results under the new Foundry model reporting structure, revealing that the Foundry segment experienced an operating loss of $7 billion on sales of $18.9 billion in 2023, that Foundry revenue in 2023 was $18.9 billion down $8.6 billion from 2022, that the segment's operating loss included a $2.1 million in lower product profit driven by lower internal revenue.
On this news, Intel's stock price fell $3.61, or 8.2%, to close at $40.33 per share on April 3, 2024, on unusually heavy trading.
On April 25, 2024, after the markets closed, Intel released its first quarter 2024 financial results, the first quarter reporting the Company's results under the Foundry model; the results revealed the Company's Foundry segment declined 10% compared to the same quarter last year, to a revenue of $4.4 billion.
On this news, Intel's stock price fell $3.23, or 9.2%, to close at $31.88 per share on April 26, 2024, on unusually heavy trading.
The complaint filed in this class action 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, Defendants failed to disclose to investors: (1) the growth of Intel Foundry Services was not indicative of revenue growth reportable under the Internal Foundry segment; (2) the Foundry experienced significant operating losses in 2023; (3) that the Foundry experienced a decline in product profit driven by lower internal revenue; (4) as a result the Foundry model would not be a strong tailwind to the Company's IFS strategy; 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.
For more information on the Intel class action go to: https://bespc.com/cases/INTC
AXT, Inc. (NASDAQ: AXTI)
Class Period: March 24, 2021 - April 3, 2024
Lead Plaintiff Deadline: July 5, 2024
According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) AXT, Inc. overstated its property holdings; (2) the Company did not disclose that the attempted listing of an AXT, Inc. subsidiary in China had reportedly failed; (3) AXT, Inc. routinely engaged in environmental violations and unsafe business practices; (4) AXT’s production declined in 2023; and (5) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all times.
For more information on the Equinix class action go to: https://bespc.com/cases/AXTI
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
