Intel sued: Shareholders claim cover-up
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 8 August 2024
⏱️ 5 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Thursday, August 8th. I'm Julie Morgan. |
| 0:12.0 | Intel is hit with a lawsuit. August 8th, I'm Julie Morgan. |
| 0:12.6 | Intel is hit with a lawsuit. |
| 0:14.6 | Boeing is boosting production of key components all in the name of defense. |
| 0:19.5 | And Costco says your membership is for you and nobody else but you. The |
| 0:25.0 | shareholders filed a lawsuit against Intel on Wednesday, |
| 0:28.0 | claiming the chipmaker had falsely concealed issues. |
| 0:31.0 | The lawsuit says this resulted in sub-par Q2 earnings that led to the suspension of |
| 0:36.4 | dividend payments and a 15% workforce reduction. Shareholders claim they were misled |
| 0:42.3 | regarding its foundry business |
| 0:44.1 | which they alleged was floundering and costing the company billions even as |
| 0:48.5 | revenue declined. They said that the materially false or misleading statements inflated the stock price from January 25th to August 1st. |
| 0:58.0 | The lawsuit filed in federal court in San Francisco accuses Intel and its executives, the CEO and CFO, of hiding problems that led to weak financials. |
| 1:08.8 | The lead plaintiff of the lawsuit, Construction Laborer's Pension Trust of Greater St. Louis filed on behalf of other Intel investors. |
| 1:17.0 | The 30% drag in stock price wiped out more than $32 billion in market cap in a single day. |
| 1:24.4 | Shares of Intel fell to $18.99 on Wednesday, |
| 1:28.9 | a total decrease of 34.6% since the announcement. |
| 1:34.1 | Boeing on Wednesday said its defense units had expanded production of key parts for Patriot |
| 1:39.8 | Air Defense missiles. |
| 1:41.4 | The components are known as PAC3 seekers, which provide guidance data to help identify, track and intercept air and missile threats. |
| 1:50.0 | The company said it is set this year to break its annual production record of seekers by more than 20%. |
... |
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