LITTLE ROCK, Ark., Nov. 16, 2001 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that a class action has been filed in the United States District Court for the Northern District of California on behalf of purchasers of Intel Corp. ("Intel" or the "Company") (Nasdaq:INTC) publicly traded securities during the period between July 19, 2000 and September 29, 2000, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's Website at http://www.classlawyer.com/pr/intel.pdf.
The complaint charges Intel and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that as a result of Intel's extraordinarily bullish statements and assurances during July, 2000-August 2000, on August 28, 2000, Intel's stock hit its all-time high of $75-13/16. But the positive statements about the strong demand for Intel's products, Intel's improved manufacturing processes and efficiencies, the successful development and introduction of its Pentium II microprocessor, the successful development of the Pentium IV, Itanium and Timna chips and the outlook for Intel's 3rdQ 00 results, issued from July 18-19, 2000 through the Intel Developer Forum, were false.
On September 29, 2000, Intel admitted it was canceling its Timna chip (due to technical development problems and a lack of market demand) and told customers it was delaying shipment of its Pentium IV and Itanium chips due to design and development problems. Intel's stock dropped, falling to as low as $35-3/8. Thus, in just over five weeks, Intel's stock dropped from its all-time high of $75-13/16 on August 28, 2000, to its lowest price in years, $35-3/8, a market cap loss of $271 billion, wiping out 50% of Intel's stock value.
If you bought the securities of Intel between July 19, 2000 and September 29, 2000 inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than December 10, 2001. If you are a member of this class, you can join this class action online at http://www.classlawyer.com/sign_up.html. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller Bowman and Coates, LLP or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents investors throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's Website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP Investor Relations Department: Jackie Addison, Sue Null or Shelly Nicholson P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 E-mail: info@classlawyer.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.