Intel has been in hot water lately, and it seems a fresh pan of boiling water has just been thrown on the company, as its CEO and CFO have now been wrapped up in a new class-action lawsuit.

Intel CEO Pat Gelsinger (left) Intel CFO David Zinsner (right)
The class-action lawsuit was filed in northern California Wednesday, with the Construction Laborer's Pension Trust of Greater St Louis alleging that Intel CEO Pat Gelsinger and Intel CFO David Zinsner mislead of hoodwinked investors about the health of its foundry business, or Intel's fabrication labs that are being constructed in various locations around the world.
The company has poured billions of investors' money into developing these foundry labs in the following locations: Arizona, Ohio, New Mexico, Ireland, Germany, and Israel. According to the plaintiffs, Intel's CEO and CFO made misleading statements to investors between January 25 and August 1, 2024. These statements allegedly misrepresented the overall health of these foundries, which artificially raised share prices.
"Unbeknownst to investors, however, Intel's foundry business was floundering, costing billions of dollars more than investors had been led to believe even while revenue growth in the division actually declined," the complaint reads.
"As a result of defendants' wrongful acts and omissions, and the precipitous decline in the market value of Intel stock, plaintiff and other class members ... have suffered significant losses and damages for which they seek redress through this action," the complaint reads.
Notably, this class-action lawsuit comes only a week after Intel reported a $1.6 billion loss and announced it was laying off 15% of its workforce, amounting to more than 16,000 workers being let go from the company.