Intel revealed that the company is facing 32 lawsuits. The lawsuits are related to Meltdown and Spectre CPU flaws. The company is facing this action from three different shareholders who say that the board members and officers have failed “to take action in relation to alleged insider trading.”
“As of February 15, 2018, 30 customer class action lawsuits and two securities class action lawsuits have been filed,” says Intel. The two lawsuits which are customer class action lawsuits and securities lawsuits have been applied to the company. Customer class action lawsuits are “seeking monetary damages and equitable relief,” and securities lawsuits “allege that Intel and certain officers violated securities laws by making statements about Intel’s products and internal controls that were revealed to be false or misleading by the disclosure of the security vulnerabilities.”
The company warns to have even more lawsuits in future. Meltdown and Spectre CPU flaws have revealed issues that were related to processor designs for the past 20 years. The software updates have also had a considerable impact and the security flaws lacked transparency issues.
The company struggled to recover the processors for the Spectre flaws and due to such issues Microsoft had to temporarily disable Intel’s buggy Spectre and had to release emergency Windows update. The company is now providing Skylake firmware updates and also extends bug bounty program which will help in recognizing such issues earlier in future.