On March 10, 2020, the Court issued an order granting in part and denying in part defendants’ motion to dismiss the Consolidated Complaint and ordered the filing of an amended complaint on or before April 6, 2020.
QUALCOMM investors may receive additional information about the case by clicking the link "Submit Your Information" above.
The Alleged Wrongful Conduct
QUALCOMM develops and commercializes “foundational technologies and products used in mobile devices and other wireless products.” QUALCOMM derives revenues principally from the sale of integrated circuit products and the licensing of intellectual property. Broadcom Limited (“Broadcom”) is a “designer, developer and global supplier of a broad range of semiconductor devices, with a focus on complex digital and mixed signal complementary metal oxide semiconductor [“CMOS”] based devices and analog III-V based products.” Broadcom is incorporated in, and maintains its principal executive offices in, Singapore.
Beginning in late 2017, Broadcom announced a series of unsolicited proposals to acquire all of the outstanding shares of QUALCOMM’s common stock. The Committee on Foreign Investment in the United States (“CFIUS”) is “an inter-agency committee authorized to review transactions that could result in control of a U.S. business by a foreign person (‘covered transactions’), in order to determine the effect of such transactions on the national security of the United States.” Unbeknownst and undisclosed to investors, on January 29, 2018, QUALCOMM secretly filed a voluntary request for CFIUS to initiate an investigation into Broadcom’s actions in a brazen attempt to frustrate Broadcom’s attempt to acquire QUALCOMM.
Once QUALCOMM's unilateral secret action was revealed to the market on March 5, 2018, and as the market continued to learn additional information about the nature and extent of QUALCOMM's secret action vis-à-vis CFIUS, and the ramifications therefrom, the price of QUALCOMM's common stock declined substantially.
The Consolidated Complaint alleges that, throughout the Class Period, the defendants violated the federal securities fraud laws by making materially false and misleading statements and failing to disclose to investors that QUALCOMM had secretly filed a unilateral notice with CFIUS in order to frustrate Broadcom’s attempt to acquire QUALCOMM.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-844-887-9500 or 1-610-667-7706, or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-844-887-9500 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com