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US court dismisses Intel shareholder suit over layoffs
A US district court has dismissed a shareholder lawsuit against Intel.
The suit accused the company of hiding problems in its foundry business, which allegedly led to significant job cuts and a suspension of dividends that impacted its market value.
US district Judge Trina Thompson issued the ruling, which was made public on Mar.4.
The case arose after Intel reported a US$7 billion operating loss for fiscal 2023, linked to its chip-making services for external clients.
This loss was revealed in April 2024 following changes in the company’s financial reporting.
Recent Intel developments
| Timeline |
|---|
02-Mar-2025 🛑 Intel delays $28b Ohio chip project to 2030 after cost cuts
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26-Feb-2025 🚀 Intel-backed Ignite launches deeptech accelerator programs
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19-Feb-2025 📈 Intel stock jumps 16% on potential breakup rumor
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12-Feb-2025 👩💼 Intel taps Israeli executive as interim data center chief
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| 07-Feb-2025 🚨 Intel to cut 58 more jobs |
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