Intel former, current CEOs sued for allegedly misleading shareholders [Yahoo! Finance]
Intel Corporation (INTC)
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Source: Yahoo! Finance
The lawsuit was filed in a federal court in California by the LR Trust, a shareholder with 2,000 Intel shares. The case alleges violations of federal securities laws, fiduciary duties and other misconduct led to “substantial damage” to the company and its shareholders. LR Trust especially takes issue with Intel Foundry, which encompasses Ohio's Intel plant under construction in New Albany. Among those being sued by name are recently retired Pat Gelsinger, who abruptly left his role as CEO on Dec. 2, current interim co-CEO and Chief Financial Officer David Zinsner and most of the board of directors. The lawsuit names Lip-Bu Tan as well, who left the board in August and is rumored to be on the shortlist for a new CEO. Charges filed against Upper Arlington swimmer accused of choking teammate However, the lawsuit alleges the named board members are neither disinterested nor independent, so they are excused from direct liability. Not listed are interim co-CEO Michelle Johnston Holth
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