Advanced Micro Devices, Inc. (AMD) Accused of Underestimating its Products' Susceptibility to Hacking

According to the complaint, Advanced Micro Devices, Inc. (AMD) officials hid from investors that a fundamental security flaw in the company's processor chips made them susceptible to being hacked. On January 3, 2018, it was reported that Google Project Zero's security team discovered serious security flaws affecting computer processors built by Intel Corporation and AMD, among other chipmakers. One of these security flaws, known as the Spectre vulnerability, allows third parties to gather passwords and other sensitive information form a system's memory. AMD initially downplayed Project Zero's announcement, stating that while AMD's chips were vulnerable to one variant of Spectre, there was "near zero risk" that AMD's chips were vulnerable to the second Spectre variant. Just a few days later, on January 11, 2018, AMD admitted that its chips were actually susceptible to both Spectre variants. Since news of AMD's troubles hit the market, AMD's stock has declined over 18% to close at $9.93 per share on April 13, 2018.

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