NEW YORK, June 12, 2018 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of QUALCOMM Incorporated ("QUALCOMM" or the "Company") (NASDAQ: QCOM). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether QUALCOMM and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
Beginning in November 2017, Broadcom Limited ("Broadcom") announced a series of unsolicited proposals to acquire all of the outstanding shares of Qualcomm's common stock. On January 29, 2018, undisclosed to its investors, Qualcomm filed a voluntary request for the Committee on Foreign Investment in the United States ("CFIUS") to initiate an investigation into Broadcom's actions. On March 5, 2018, shortly after learning of Qualcomm's request to CFIUS, Broadcom issued a press release, entitled "Broadcom Disappointed Will of Qualcomm Stockholders to be Deferred." The press release stated that Qualcomm's request to CFIUS had "result[e]d in a delay of Qualcomm's Annual Meeting 48 hours before it was to take place" and described Qualcomm's request to CFIUS as "a blatant, desperate act by Qualcomm to entrench its incumbent board of directors and prevent its own stockholders from voting for Broadcom's independent director nominees." On this news, Qualcomm's share price fell $2.60, or 4.02%, over the following two days, closing at $62.14 on March 6, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, 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 80 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
888-476-6529 ext. 9980
SOURCE Pomerantz LLP