AMD slapped with class action suit
AMD slapped with class action suit
A shareholder suit has been filed against Advanced Micro Devices Inc. in U.S. District Court, charging the company and its CEO Jerry Sanders with violating federal securities laws.
The class action suit claims AMD executives "recklessly disregarded pervasive design and production problems with the K6." According to the complaint, the executives publicly projected increased demand for the K6 in Q4 1998, as well as a significant increase in AMD's market share relative to industry leader Intel - even though they knew that problems with the chip would prevent the company from supplying the projected demand.
AMD released a statement that the lawsuit is frivolous.
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