Hynes Keller & Hernandez, LLC encourages investors of QUALCOMM Incorporated (NASDAQ: QCOM) (“QUALCOMM” or the “Company”) to contact the Firm.
A shareholder class action complaint has been filed against QUALCOMM on behalf of investors who purchased the Company’s common stock between January 31, 2018 and March 12, 2018, inclusive (the “Class Period”).
Beginning in late 2017, Broadcom Limited (“Broadcom”) announced a series of unsolicited proposals to acquire the outstanding shares of QUALCOMM’s common stock. Unbeknownst and undisclosed to investors, on January 29, 2018, QUALCOMM secretly filed a voluntary request for the Committee on Foreign Investment in the United States (“CFIUS”) to initiate an investigation into Broadcom’s actions in a brazen attempt to frustrate Broadcom’s attempt to acquire the Company.
Once QUALCOMM’s unilateral secret action was revealed to the market on March 5, 2018, and as the market continued to learn additional information about the nature and extent of QUALCOMM’s secret action vis-à-vis CFIUS, the price of QUALCOMM’s common stock substantially declined in value.
The complaint alleges that QUALCOMM made a series of materially false and misleading statements and failed to disclose to investors that QUALCOMM had secretly filed a unilateral notice with CFIUS in order to frustrate Broadcom’s attempt to acquire the Company. The complaint further alleges that, as a result of the foregoing, investors purchased QUALCOMM’s securities at artificially inflated prices during the Class Period and sustained investment losses once QUALCOMM’s actions were revealed.
If you invested in QUALCOMM common stock between January 31, 2018 and March 12, 2018 and would like to discuss your legal rights, please contact attorney Michael Hynes at (484) 875-3116 or by email at firstname.lastname@example.org.