NEW YORK, NY / ACCESSWIRE / February 24, 2017 / Pomerantz LLP announces that a class action lawsuit has been filed against Qualcomm Incorporated ("Qualcomm" or the "Company") (QCOM) and certain of its officers. The class action, filed in United States District Court, Southern District of California, is on behalf of a class consisting of investors who purchased or otherwise acquired Qualcomm securities, seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Qualcomm securities between February 1, 2012 and January 19, 2017, both dates inclusive, you have until March 24, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
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Qualcomm is a global semiconductor company that develops, designs, licenses, and markets worldwide its digital communications products and services, primarily through its two main business segments: Qualcomm CDMA Technologies and Qualcomm Technology Licensing.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Qualcomm engaged in anticompetitive conduct to maintain a monopoly for semiconductors used in mobile phones in violation of federal law; (ii) in turn, Qualcomm lacked effective internal controls over financial reporting; and (iii) as a result, Qualcomm's public statements were materially false and misleading at all relevant times.
On December 28, 2016, the South Korean Fair Trade Commission fined Qualcomm a record $853 million for violating antitrust laws. After a three-year investigation, the Korean antitrust regulator found that Qualcomm breached antitrust law by limiting competing chip makers' access to its patents. It also found that the Company forced mobile-phone manufacturers into unfair license agreements by refusing to supply critical phone chips to those that would not accept Qualcomm's terms.
On this news, Qualcomm's share price fell $1.50, or 2.23%, to close at $65.75 on December 28, 2017.