Fearing that "forward-looking" statements it might make about future operating results might leave it open to shareholder lawsuits, Santa Clara, Calif.-based semiconductor manufacturer Intel Corp. [INTC] has decided not to hold its semi-annual analysts meeting. The reason --Proposition 211, a California ballot measure coming up for a popular vote on Nov. 5.
If the measure passes, "we could be liable and at risk" for any forward-looking statements made, Chuck Mulloy, media relations manager, told PR NEWS. This would be true even though "safe harbor" legislation was signed into law last year at the federal level.
Contrary to what some have said, Intel's move was not intended to influence the outcome of the vote. "If we were doing this for political purposes, we would have waited until closer to the election" to make the announcement, said Mulloy.