Over 30 lawsuits have been filed by Intel customers and shareholders following the disclosure of the Meltdown and Spectre attack methods.

According to an annual report submitted by Intel to the U.S. Securities and Exchange Commission (SEC), three class action lawsuits were filed against Intel within one week of the Meltdown & Spectre flaw disclosure, but that numbers reached 32 as of February 15.

Intel faces 30 customer class action lawsuits by customers who claim to have been harmed by Intel’s actions and/or omission in connection to the Meltdown and Spectre. The two securities class action lawsuits 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 disclose of the vulnerabilities.

One of the lawsuits was filed just last Monday by the city of Providence who is seeking $5 billion from Intel. The lawsuit claims, “This is a consumer protection action seeking injunctive relief and damages arising from Defendant Intel's sale of defective microprocessor chips to Plaintiff and Class Members for over twenty-three (23) years. Intel's microprocessor chips are defective because they possess significant security vulnerabilities that, if exploited, permit an adversary to access sensitive data stored elsewhere on the machine or in the "cloud." Defendant has been aware of these issues since at least June 2017, and thus far, is unable to offer consumers who purchased devices containing defective microprocessor chips that possess the significant security vulnerabilities described herein ("Affected Devices") an effective remedy.”

Intel noted, “We dispute the claims described above and intend to defend the lawsuits vigorously. Given the procedural posture and the nature of these cases, including that the proceedings are in the early stages, that alleged damages have not been specified, that uncertainty exists as to the likelihood of a class or classes being certified or the ultimate size of any class or classes if certified, and that there are significant factual and legal issues to be resolved, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, that might arise from these matters.”

Three shareholder derivative lawsuits have been filed in California against certain board members and officers. The lawsuits allege the members breached their duties to Intel in connection with the disclosure of the security vulnerabilities and the failure to take action in relation to alleged insider trading. The complaints seek to recover damages from the defendants on behalf of Intel.

 

 

Read the article on Security Week

 

 

NNT Suite of Products

change tracker gen7r2 logo

Combine industry leading Device Hardening, File Integrity Monitoring, Change Control, Configuration Management & Compliance Management into one easy to use solution that can scale to the most demanding environments!

fastcloud logo

Automatically evaluate and verify the authenticity of file changes in real-time with NNT FAST™ (File Approved-Safe Technology) Integrity Assurance.

log tracker logo logo

Comprehensive and easy to use security information & event log management with intelligent & self-learning correlation technology to highlight potentially harmful activity in seconds.

vulnerability tracker logo

Continuously scan and identify vulnerabilities with unparalleled accuracy and efficiency, protecting your IT assets on premises, in the cloud and mobile endpoints.

USA Offices
New Net Technologies LLC
Naples
Suite #10115, 9128 Strada Place
Naples, Florida, 34108
Atlanta
1175 Peachtree St NE
Atlanta, Georgia, 30361.
Portland
4145 SW Watson, Suite 350
Beaverton, Oregon, 97005.

Tel: (844) 898-8358
email [email protected]
UK Office
New Net Technologies Ltd
Rivers Lodge, West Common
Harpenden, Hertfordshire
AL5 2JD

Tel: 01582 287310
email [email protected]
CIS benchmarking SEWP Cybersecurity 500Sans Institute Now Certified
Copyright 2019, New Net Technologies LLC. All rights reserved. 
NNT and Change Tracker are registered trademarks of New Net Technologies LLC.
All other product, company names and trademarks are the property of their respective owners.