Intel is sued by shareholders alleging securities fraud By Reuters

(Reuters) – Intel (NASDAQ:) was sued on Wednesday by shareholders who said it fraudulently concealed problems that led to weak second-quarter results, and prompted the Silicon Valley chipmaker to suspend its dividend and to plan cutting its workforce by 15%.

The proposed class action filed in San Francisco federal court seeks unspecified damages. Intel Chief Executive Patrick Gelsinger and Chief Financial Officer David Zinsner are also defendants.