SAN DIEGO & SUNNYVALE, Calif.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Advanced Micro Devices, Inc. (NasdaqCM: AMD) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 by AMD's officers and directors between February 21, 2017 and January 11, 2018. AMD operates as a semiconductor company worldwide.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/advanced-micro-devices-inc-apr-2018
AMD Accused of Underestimating its Products' Susceptibility to Hacking
According to the complaint, AMD officials hid from investors that a fundamental security flaw in the company's processor chips made them susceptible to being hacked. On January 3, 2018, it was reported that Google Project Zero's security team discovered serious security flaws affecting computer processors built by Intel Corporation and AMD, among other chipmakers. One of these security flaws, known as the Spectre vulnerability, allows third parties to gather passwords and other sensitive information from a system's memory. AMD initially downplayed Project Zero's announcement, stating that while AMD's chips were vulnerable to one variant of Spectre, there was "near zero risk" that AMD's chips were vulnerable to the second Spectre variant. Just a few days later, on January 11, 2018, AMD admitted that its chips were actually susceptible to both Spectre variants. Since news of AMD's troubles hit the market, AMD's stock has declined over 18% to close at $9.93 per share on April 13, 2018.
AMD Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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