RADNOR, Pa.--(BUSINESS WIRE)--The law firm of Kessler Topaz Meltzer & Check, LLP announces that it has filed an investor class action lawsuit against QUALCOMM Incorporated (Nasdaq: QCOM) (“QUALCOMM”) alleging securities fraud violations on behalf of investors who purchased QUALCOMM’s securities between January 31, 2018 and March 12, 2018, inclusive (the “Class Period”).
Deadline Reminder: Investors who purchased QUALCOMM securities during the Class Period may, no later than August 7, 2018, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please visit https://www.ktmc.com/new-cases/qualcomm-incorporated#join.
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 the QUALCOMM’s common stock declined substantially.
The Complaint alleges that, throughout the Class Period, the defendants violated the federal securities fraud laws by making materially false and misleading statements and by 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.
QUALCOMM investors who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (888) 299-7706 or at firstname.lastname@example.org.
QUALCOMM investors may, no later than August 7, 2018, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors form the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.