"Intel shareholders look to yank back ex-CEO, CFO compensation"
"Filed in the United States District Court of the Northern District of California, the suit by shareholder LR Trust on behalf of Intel alleges that both Gelsinger and Zinsner breached their fiduciary duties as officers of the company by issuing misleading disclosures and failing to accurately report financials related to the company’s foundry business. Gelsinger and Zinsner, as well as other named defendants, which include both current and past members of the company’s board, “exposed the Company to significant liability under various federal securities laws by their misconduct,” according to the suit.
“As a result of the individual defendants’ breaches of fiduciary duty and other misconduct, Intel has sustained substantial damages and irreparable injury to its reputation,” the suit says, noting that the officers received “unjust enrichment” stemming from their misconduct."