06:17 AM EDT, 08/08/2024 (MT Newswires) -- Intel ( INTC ) is facing a potential class action filed by certain shareholders who alleged that the company issued misleading statements to fraudulently conceal the issues that led to its weak Q2 results and subsequent stock plunge, Reuters reported Wednesday.

The proposed class action was filed in San Francisco federal court against Intel ( INTC ), Chief Executive Officer Patrick Gelsinger, and Chief Financial Officer David Zinsner, Reuters said.

According to the report, the lawsuit follows Intel's ( INTC ) announcement of a restructuring program that aims to save $10 billion in 2025. This program includes the suspension of dividends and a reduction of more than 15% of the company's workforce.

The filing claims the company's actions caused its market value to plunge more than $32 billion in a single day.

Intel ( INTC ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 18.94, Change: -0.05, Percent Change: -0.26