October 27, 2014 (Shareholders Foundation) - An investigation on behalf of former employees of Intel Corporation (NASDAQ:INTC) was announced concerning a potential conspiracy among certain technology companies to suppress the wages of their highly skilled workers and employees.
According to the investigation by a law firm the certain former employees of Intel Corporation (NASDAQ:INTC) may have been deprived hundreds of millions of dollars in compensation and may be eligible to file a complaint over violations of Federal Law.
Recently certain Hollywood studios have been hit with a class action that could cost billions. The lawsuit alleges that certain California-based companies of colluding to not hire each others software engineers, digital artists and animators.
Recently a proposed $325 million settlement was rejected in a 2011 lawsuit over alleged antitrust violations by certain companies, including Intel. The lawsuit alleged that those companies, including Intel, colluding to not hire each others highly skilled employees.
Intel and other companies were already targets of a Justice Department antitrust lawsuit in 2010, in which the government contended that their no solicitation agreements prevented highly skilled employees from commanding better wages and job opportunities.
Intel Corporation reported that its annual Total Revenue declined from over $53.99 billion for the 53 weeks period that ended on Dec 31, 2011 to over $52.7 billion for the 52 weeks period that ended on Dec. 28, 2013 and that its respective Net Income declined from over $12.94 billion to over $9.62 billion. Shares of Intel Corporation (NASDAQ:INTC) grew from under $20 per share in November 2012 to as high as over $35 per share in September 2014. During mid-October NASDAQ:INTC shares declined to as low as $29.65 per share on October 15, 2014.