|Company name||Advanced Micro Devices, Inc.|
|Class period||February 21, 2017 – January 11, 2018|
|Lead plaintiff deadline||March 19, 2018|
|Court||Southern District of New York|
NEW YORK, January 16, 2017 – Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired Advanced Micro Devices, Inc. (NASDAQ: AMD) securities between February 21, 2017 and January 11, 2018 (the “Class Period”). Investors have until March 19, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Advanced Micro Devices, Inc. manufactures semiconductor products, which includes microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products. The Company offers its products worldwide.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) a fundamental security flaw in AMD’s processor chips renders them susceptible to hacking; and (ii) as a result, AMD’s public statements were materially false and misleading at all relevant times.
On January 3, 2018, media outlets reported that Google Project Zero’s security team had discovered serious security flaws affecting computer processors built by Intel Corporation, AMD and other chipmakers. In a blog post, the Project Zero team stated that one of these security flaws—dubbed the “Spectre” vulnerability—allows third parties to gather passwords and other sensitive data from a system’s memory. In response to the Project Zero team’s announcement, a spokesperson for AMD advised investors that while its own chips were vulnerable to one variant of Spectre, there was “near zero risk” that AMD chips were vulnerable to the second Spectre variant.
Then, on January 11, 2018, post-market, AMD issued a press release entitled “An Update on AMD Processor Security,” acknowledging that its chips were, in fact, susceptible to both variants of the Spectre security flaw.
On this news, AMD’s share price fell $0.12 or 0.99%, to close at $12.02 on January 12, 2018.
If you purchased or otherwise acquired AMD securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.