Shareholders and Customers filed 32 Lawsuits against Intel over Meltdown and Spectre CPU Security Flaws
- Intel Corp hits with 32 lawsuits over security flaws
- Out of the total lawsuits - 30 are customer class action cases filed by the user and the rest 2 are securities class actions
There may be occurrences of potential loss to Intel after the lawsuit raised against them but it can’t be estimated, as per their regulatory filing.
Earlier in January, the two CPU flaws named Spectre and Meltdown, hit the world with a target to affect all the modern computing devices containing chips from Intel, Advanced Micro Devices Inc and ARM Holdings. This completely ruined the industry and the end user.
Intel struggled to fix this issue for several days but in the end, it came up with small fixes that result in slowing down the computers due to some patches. Spectre and Meltdown CPU flaws cause the damage to the user device and do not permit them to work.
After this annoying flaw, the user and shareholders had no choice than filing a lawsuit against the company for the damage caused to their devices.
The company could face multiple lawsuits in the future than now with no surprise. As per the report from Reuters, 2 of the suits were securities class action, raised due to the violation caused by the Intel and some of its officers by giving a statement about products or its internal controls, later it is proven to have been false or misleading. And the remaining 30 suits are customer class actions filed by the user.
In addition to that, 3 of the Intel shareholders stood against the company saying they failed to do their duties “to take action in relation to alleged insider trading.”
The update to fix the flaw has caused some of the machines to reboot continuously and this forced the Microsoft to prepare for the emergence Windows update to fix the Spectre and Meltdown CPU flaws.
Intel is now working on the security issue update and extended the bug bounty program to find and report potential vulnerabilities, says The Verge.