BERWYN, Pa., Jan. 30, 2017 /PRNewswire/ -- RM LAW, P.C. announces that a class action lawsuit has been filed in United States District Court for the Southern District of California on behalf of all persons or entities that purchased Qualcomm Incorporated ("Qualcomm" or the "Company") (NASDAQ: QCOM) securities between February 1, 2012 and January 19, 2017, inclusive (the "Class Period").
Qualcomm shareholders may, no later than March 24, 2017, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Qualcomm and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, visit: www.maniskas.com.
The complaint charges Qualcomm and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Qualcomm is a global semiconductor company that develops, designs, licenses, and markets worldwide its digital communications products and services, primarily through its two main business segments: Qualcomm CDMA Technologies and Qualcomm Technology Licensing.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that (i) Qualcomm engaged in anticompetitive conduct to maintain a monopoly for semiconductors used in mobile phones in violation of federal law; (ii) in turn, Qualcomm lacked effective internal controls over financial reporting; and (iii) as a result, Qualcomm's public statements were materially false and misleading at all relevant times.
On December 28, 2016, the South Korean Fair Trade Commission fined Qualcomm a record $853 million for violating antitrust laws. After a three-year investigation, the Korean antitrust regulator found that Qualcomm breached antitrust law by limiting competing chip makers' access to its patents. It also found that the Company forced mobile-phone manufacturers into unfair license agreements by refusing to supply critical phone chips to those that would not accept Qualcomm's terms.
On this news, Qualcomm's share price fell $1.50, or 2.23%, to close at $65.75 on December 28, 2017.
On January 17, 2017, the U.S. Federal Trade Commission commenced an enforcement action against Qualcomm following an investigation of the Company's licensing practices. The agency's complaint, filed in U.S. District Court for the Northern District of California, said that Qualcomm used its dominant position to maintain an illegal monopoly in the market for mobile phone chips.
On this news, Qualcomm's share price fell $2.69, or 4.02%, to close at $64.19 on January 17, 2017.
On January 20, 2017, The Wall Street Journal reported that tech-giant Apple Inc. was suing Qualcomm, alleging that the Company "leveraged its monopoly position as a manufacturer of baseband chips, a critical component used in cellphones, to seek 'onerous, unreasonable and costly' terms for patents, and that Qualcomm blocked Apple's ability to choose another supplier for chipsets." The article further reported that Apple was seeking $1 billion in rebate payments that Qualcomm allegedly withheld as retribution for Apple's involvement in an investigation conducted by South Korea's antitrust regulator.
On this news, Qualcomm's share price fell $1.56, or 2.42%, to close at $62.88 on January 20, 2017.
If you are a member of the class, you may, no later than March 24, 2017, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact RM LAW, P.C. (Richard A. Maniskas, Esquire) toll-free at (844) 291-9299 or by email at firstname.lastname@example.org or visit: www.maniskas.com. For more information about class action cases in general or to learn more about RM LAW, P.C. please visit our website: www.maniskas.com.
RM LAW, P.C. is a national shareholder litigation firm. RM LAW, P.C. is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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SOURCE Ryan & Maniskas, LLP