Intel in Hot Water – 32 Lawsuits Filed
According to Intel’s annual 10-K report filed with the Security Exchange Commission (SEC), the company is facing 30 customer class action lawsuits and two securities class action lawsuits as a direct result of the Meltdown and Spectre vulnerabilities reported last year. The plaintiffs of the customer suit claim suffering due to the company. This suffering is alleged to be a direct result of Intel’s actions or omission of the issues related to Spectre and Meltdown. The plaintiffs from the securities class action suit represent the individuals who acquired Intel stock options from July 27, 2017 to January 4, 2018, who as stated within the company’s 10-K,
“…generally allege that Intel and certain officers violated securities laws by making statements about Intel’s products and internal controls that were revealed to be false or misleading by the disclosure of the security vulnerabilities.”
Since it is early it the litigation stage, it remains unclear if additional parties will join either of the class action lawsuits. Intel also realizes this could just be the tip of the iceberg. The company reported at this time, they are unable to estimate the projected loss this may create for the organization.