Intel is sued by shareholders alleging securities fraud

FILE PHOTO: A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - Intel 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.

(Reporting by Jonathan Stempel in New York; Editing by Chris Reese)