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Oklahoma City, OK (June 11, 2018) – On June 8, 2018, a securities class action lawsuit was filed in the United States District Court for the Southern District of California against QualComm Incorporated (NASDAQ: QCOM). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is January 31, 2018 through March 12, 2018. More specifically, this litigation was filed because defendants made materially false and misleading statements and failed to disclose to investors that Qualcomm had secretly filed a unilateral notice with the Committee on Foreign Investment in the United States (“CFIUS”) to frustrate Broadcom’s attempt to acquire the Company and in order to allow the officers of Qualcomm to entrench themselves in their executive leadership positions at the Company. As a result of defendants’ false statements and/or omission of this material information, Qualcomm securities traded at artificially inflated prices during the Class Period.
On March 5, 2018, Broadcom disclosed that “Qualcomm secretly filed a voluntary request with CFIUS to initiate an investigation, resulting in a delay of Qualcomm’s Annual Meeting 48 hours before it was to take place. This was a blatant, desperate act by Qualcomm to entrench its incumbent board of directors and prevent its own stockholders from voting for Broadcom’s independent director nominees.”
Then on March 12, 2018, Qualcomm filed a Form 8-K with the SEC attaching a letter from CFIUS regarding its investigation into the proposed acquisition, which stated that the “investigation has so far confirmed [a] national security concern” and requested that Broadcom provide responsive information. The letter also stated that, “[i]n the absence of information that changes CFIUS’s assessment of the national security risks posed by this transaction, CFIUS would consider taking further action, including but not limited to referring the transaction to the President for decision.” Later the same day, President Donald J. Trump issued an order blocking Broadcom from taking further action regarding its proposed acquisition of Qualcomm.
Plaintiff seeks to recover damages on behalf of all QualComm Incorporated shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Tuesday, August 7, 2018 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at email@example.com