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 email@example.com.
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
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.
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