Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Advanced Micro Devices (NASDAQ: AMD) in connection to alleged violations of securities laws by AMD. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in Advanced Micro Devices from February 21, 2017 until January 11, 2018.
The class action complaint specifically alleges that during the period in question, AMD might have provided false and/or misleading material information, and/or failed to disclose adverse material information, namely: that the company’s chips contained a flaw that rendered them vulnerable to security risks such as hacking; and that consequently the company’s statements to the public during the relevant period were false and misleading. Though the company initially advised its investors, on January 3, 2018, of the “near zero risk” that its chips were susceptible to a known vulnerability, it disclosed on January 11, 2018 that this was in fact not the case. The complaint alleges that when true details emerged, investors suffered losses.
According to the company’s website, Advanced Micro Devices is a computing company headquartered in Santa Clara, California. AMD develops computer processors and similar products for international business and consumer markets. Its products include graphics processors, embedded processors, chipsets, and microprocessors. It is the world’s second-largest supplier of x86-based microprocessors and trades on the Nasdaq exchange under the symbol AMD.