Home / / Legal actions launched over Meltdown

Legal actions launched over Meltdown

Class action lawsuits announced, Intel CEO allegedly sold majority of shares when flaws were discovered

Legal actions launched over Meltdown
There are several class action suits already underway against Intel for the Meltdown vulnerability.

The Spectre and Meltdown vulnerabilities, which have launched a number of patches and updates for computer systems, have also triggered a wave of legal action.

The vulnerabilities, which affect Intel, AMD and ARM-based systems, cause potential security holes which may require performance-limiting patches to remedy.

Three class-action lawsuits against Intel have been filed so far in the US, the Register reports, focused on Meltdown and its potential to be used to steal sensitive data from systems.

The lawsuits accuse the chip manufacturer of malpractice including deceptive practices, breach of implied warranty, negligence, unfair competition, and unjust enrichment.

A potential investor action has also been announced against Intel, for violations of federal securities laws. The investigation, launched in Pennsylvania, will look at possible law violations and financial damage to investors.

CNBC has also reported that Intel CEO Brian Kraznich sold off the majority of his shares in the company when Intel became aware of the flaws. An SEC filing last November showed Krzanich sold off about 644,000 shares by exercising his options and another roughly 245,700 shares he already owned, leaving him with only 245,000 shares in the company.

Follow us to get the most comprehensive IT Security news delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.

CHANNEL AWARD 2018