Qualcomm Incorporated (NASDAQ: QCOM)
Hagens Berman Sobol Shapiro LLP reminds investors in Qualcomm Incorporated (NASDAQ: QCOM) of the August 7, 2018 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the Southern District of California.
If you purchased or otherwise acquired shares of QCOM between January 31, 2018 and March 12, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing QCOM@hbsslaw.com.
On January 31, 2018, Defendants filed Qualcomm’s quarterly report for the period ended December 24, 2017. In that filing, Defendants discussed several matters concerning Broadcom’s attempted hostile takeover of the Company for $70 per share.
The complaint charges Defendants omitted to also inform investors that two days before the January 31 filing they had requested the Committee on Foreign Investment in the United States (“CFIUS”) to investigate Broadcom’s proxy solicitation activities.
On March 12, 2018, Defendants attached a CFIUS letter discussing Defendants’ January 29 request and expressing its concerns about potential national security risks posed by Broadcom’s attempted hostile takeover.
This news drove the price of Qualcomm shares down $3.11, or almost 5%, to close at $59.70 on March 13, 2018.
“We’re focused on investors’ losses and which Qualcomm senior officers knowingly omitted the January 29, 2018 CFIUS request from the January 31 quarterly report,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Qualcomm should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email QCOM@hbsslaw.com.
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