NEW YORK, June 15, 2018 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in QUALCOMM Incorporated (“QUALCOMM” or the “Company”) (NASDAQ:QCOM) of the August 7, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in QUALCOMM stock or options between January 31, 2018 and March 12, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/QCOM. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of all those who purchased QUALCOMM securities between January 31, 2018 and March 12, 2018 (the “Class Period”). The case, Camp v. Qualcomm Incorporated et al, No. 3:18-cv-01208 was filed on June 8, 2018 and has been assigned to Judge Anthony Joseph Battaglia.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and misleading statements and failing to disclose to investors that QUALCOMM had secretly filed a unilateral notice with Committee on Foreign Investment in the United States (“CFIUS”) in order to frustrate Broadcom Limited’s (“Broadcom”) attempt to acquire the Company.
On March 5, 2018, Broadcom issued a press release disclosing QUALCOMM’s secret actions with respect to CFIUS as follows. Specifically, the press release revealed that “Qualcomm secretly filed a voluntary request with CFIUS to initiate an investigation.” On the same day, QUALCOMM filed a Form 8-K disclosing that it had received an order from CFIUS to delay its annual stockholder meeting.
Following these announcements, QUALCOMM’s share price fell from $64.74 per share on March 2, 2018 to a closing price of $64.01 on March 5, 2018—a $0.73 or a 1.13% drop.
Then, on March 6, 2018, QUALCOMM filed a Form 8-K disclosing that it had received a letter from the U.S. Department of Treasury on March 5, 2018, as well as a “Modification of Interim Order” from CFIUS. The letter included further information relating to the Company’s undisclosed secret action.
On this additional information, QUALCOMM’s share price fell from $64.01 per share on March 5, 2018 to a closing price of $62.12 on March 6, 2018—a $1.87 or a 2.95% drop.
On March 12, 2018, QUALCOMM filed a Form 8-K disclosing that it had received another letter from the U.S. Department of Treasury, on March 11, 2018. On 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, QUALCOMM’s share price fell from $62.81 per share on March 12, 2018 to a closing price of $59.70 on March 13, 2018—a $3.11 or a 4.95% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding QUALCOMM’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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