NEW YORK, April 24, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Qualcomm Incorporated ("Qualcomm" or the "Company") (NasdaqGS: QCOM). Investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether Qualcomm and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On April 23, 2014, Qualcomm announced in its fiscal second-quarter report that it had received a notice from the Securities and Exchange Commission's Los Angeles office advising it of a preliminary determination to recommend an enforcement action against the company for violating the Foreign Corrupt Practices Act ("FCPA"), according to a report published by Reuters.
The company said the civil action could seek remedies including "disgorgement of profits, the retention of an independent compliance monitor to review the company's FCPA policies and procedures, an injunction, civil monetary penalties and prejudgment interest."
Qualcomm said, in its own investigation, it found instances in which "special hiring consideration, gifts or other benefits were provided to several individuals associated with Chinese state-owned companies or agencies."
On this news, shares of Qualcomm fell $2.81, or more than 3.48%, on intraday trading to $77.90, on unusually heavy trading volume, on April 24, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San Diego, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP