NEW YORK –The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Advanced Micro Devices, Inc. (NASDAQ:AMD) who purchased shares between February 21, 2017 and January 11, 2018. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially 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, following reports that processor chips manufactured by AMD’s competitor, Intel Corporation, contained a major security flaw—known as the “Spectre” vulnerability—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, AMD acknowledged that its chips were in fact susceptible to both variants of the Spectre security flaw.
Shareholders have until March 19, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-sb/advanced-micro-devices-inc?wire=2.
Joseph Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.