Late last year, Intel chips were found to be vulnerable, and were feared to be affected by Spectre and Meltdown. Microsoft, AMD, Apple, among other companies using Intel chips in their products, started to send out patches to fix the security issues. The vulnerability came with a bunch of issues for some users, which naturally irked the lot. And this anger was let out in the form of lawsuits – not few, but 32 of them.
In its recently filed annual report, Intel disclosed that 30 customer class-action suits have been filed against the company, plus two additional class-action suits by shareholders. Those suits have been filed both within the United States and abroad. Given a host of uncertainties – how the cases are proceeding, whether damages have been claimed, and the uncertainty of whether the suits will succeed – Intel said it was not estimating potential losses as a result of the litigation.
As for the two shareholder suits which allege that Intel and its company 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.”
According to a report by PCMag, “The litigation is so widespread that Intel is essentially suing itself. In January, Intel said, three defendants filed what is called a shareholder derivative action against certain members of Intel’s board and certain directors, on behalf of Intel as a whole.”