Intel shareholders are suing the company in the wake of its share price rapidly plummeting. The legal action comes days after Intel announced the suspension of dividends and the planned layoff of over 15,000 employees. At its worst, this share price drop wiped over $32 billion off Intel's market value in a single day.
Shareholders said they were blindsided by Intel's August 1 announcement, with the company explaining that its contract foundry wasn't performing as expected. Reuters says this additional cost, combined with a 99% drop in revenue in 2Q24 led to a $1.61 billion net loss for the semiconductor giant.
