Intel ex-CEO Gelsinger and current co-CEO slapped with lawsuit over Intel Foundry disclosures — plaintiffs demand Gelsinger surrender salary earned

The lawsuit claims that Pat Gelsinger and David Zinsner failed to communicate the poor performance of the Intel Foundry division, which had struggled to attract significant interest from major fabless designers while bleeding money. The lawsuit accuses Intel of failing to disclose critical risks in its 2024 Proxy Statement, a claim similar to one for which the company the company was sued for earlier this year. The lawsuit further claims that executives and board members allowed misleading statements about Intel Foundry Services' (IFS) growth potential, obscuring substantial operating losses and declining internal revenue.