Intel has received a rare piece of good news. A shareholder lawsuit filed last year over accusations it fraudulently concealed problems in its foundry business has been dismissed. However, the company continues to face other similar lawsuits related to its foundry operations.
The lawsuit accused Intel of misleading investors by taking too long to report a $7 billion operational loss in fiscal 2023 related to its foundry business.
Intel had reported its contracted manufacturing division as a segment separate from its internal manufacturing operations, which create its own products. But that changed last year following a corporate restructure in which both the internal and external foundry operations were consolidated into a single unit called Intel Foundry, which showed a $7 billion loss.
Source: Judge dismisses shareholder lawsuit against Intel over $7 billion foundry losses
