| COMPANY |
QUALCOMM Incorporated |
| COURT |
United States District Court for the Southern District of California |
| CASE NUMBER |
18-cv-01208 |
| JUDGE |
The Hon. Anthony Joseph Battaglia |
| CLASS PERIOD |
January 29, 2018 - March 12, 2018 |
| SECURITY TYPE |
Common stock |
Case Background:
On June 08, 2018, the initial complaint in this securities class action was filed against Qualcomm, Incorporated (“Qualcomm” or the “Company”), and certain of Qualcomm’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action lawsuit brought on behalf of all persons who purchased or otherwise acquired Qualcomm common stock between January 29, 2018 and March 12, 2018, both dates inclusive (the “Class Period”).
Beginning in late 2017, Broadcom Limited ("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, 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 the Company.
The complaint alleges Defendants made materially false and misleading statements and omissions, undertaken to frustrate Broadcom’s attempt to acquire Qualcomm, entrench themselves in their director and executive positions, and ultimately to thwart the will of the Company’s shareholders.
Current Status of Case:
On May 11, 2020, Lead Plaintiffs filed a second amended complaint (the “Amended Complaint”). Defendants filed a Motion to Dismiss the Amended Complaint on June 25, 2020. On October 8, 2020, the Court granted Defendants' Motion to Dismiss. On November 7, 2020, Lead Plaintiffs filed an appeal to the United States Court of Appeals for the Ninth Circuit. On March 2, 2022, the Ninth Circuit Court of Appeals affirmed the District Court’s Dismissal of the action. This action has concluded.
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: Jon Naji, Esq. (484) 270-1453; 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.