SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/qualcomm/) today announced that a class action has been commenced on behalf of purchasers of QUALCOMM Incorporated (“Qualcomm”) (NASDAQ: QCOM) securities during the period between January 31, 2018 and March 12, 2018 (the “Class Period”). This action was filed in the Southern District of California and is captioned Camp v. QUALCOMM Incorporated, et al., No. 3:18-cv-1208.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from June 8, 2018. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed at http://www.rgrdlaw.com/cases/qualcomm/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Qualcomm and certain of its officers with violations of the Securities Exchange Act of 1934. Qualcomm develops and commercializes foundational technologies and products used in mobile devices and other wireless products. Broadcom Limited (“Broadcom”) is a designer, developer and global supplier of a broad range of semiconductor devices. Beginning in November 2017, Broadcom announced a series of unsolicited proposals to acquire all of the outstanding shares of Qualcomm common stock.
The complaint alleges that, throughout the Class Period, 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. Following these developments, the price of the Company’s common stock declined substantially.
Plaintiff seeks to recover damages on behalf of all purchasers of Qualcomm securities during the Class Period (the “Class”).
Robbins Geller is one of the world’s leading law firms representing investors in securities litigation. With 200 lawyers in 10 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For five consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Please visit http://www.rgrdlaw.com for more information.