QCOM.US
id: 1249
Qualcomm (QCOM) Investor Settlement
S.D. California
Court3:17-cv-00121
Case number01 Feb 2012
Class period Start20 Jan 2017
Class period End08 Nov 2024
Claim deadlineQualcomm reached a settlement with $QCOM investors over claims related to anticompetitive practices and weak financial reporting controls.
Outline
Back in 2017, the news reported that Qualcomm was overcharging for licenses and refusing to sell chips to companies that didn't agree to their terms. Following this, $QCOM dropped significantly, leading to a lawsuit from investors.
Timeline
- On January 17, 2017: The Federal Trade Commission filed a complaint against Qualcomm.
- On January 18, 2017: Many news also reported the unfair practices of Qualcomm.
- On January 19, 2017: Following this news, $QCOM dropped 18.3%.
- On January 23, 2017: Qualcomm faced a lawsuit from investors.
Background
In January 2017, the FTC filed a complaint against Qualcomm for using anticompetitive tactics.
It involved overcharging for licenses, refusing chip sales to some manufacturers, and offering lower royalties to companies like Apple for exclusive chip use.
Following the FTC's complaint, many news reported on Qualcomm's practices.
Bloomberg stated that Qualcomm "offered reduced royalty fees to Apple in exchange for using its baseband processors exclusively," highlighting the company's unfair competitive practices.
Another news portal, Engadget, also noted that Qualcomm "refuses to license its patents to competitors, which goes against its commitment to 'FRAND' licensing tactics."
By January 19, 2017, $QCOM dropped by about 18.3%.
On January 23, 2017, investors filed a class action lawsuit against Qualcomm for anticompetitive market practices and weak financial reporting controls that led to an FTC complaint.
What can investors expect now?
Qualcomm reached a settlement with $QCOM investors over claims related to anticompetitive practices and weak financial reporting controls.
If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section below.
Case Status
Accepting Claims
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
1.17
Filing date
18 June 2024
Plaintiffs
Rasesh Shah
Attorneys
Bernstein Litowitz Berger & Grossmann LLP, Motley Rice LLC
Defendants
Derek K. Aberle, Steven R. Altman, Donald J. Rosenberg, William F. Davidson, Jr; Paul E. Jacobs and Steven M. Mollenkopf
Judge
Michael S. Berg
Administrator
A.B. Data Ltd
Court hearing date
27 September 2024
Objection deadline
06 September 2024
Hearing deadline
06 September 2024
Attorney fee
$21,075,000
Trades matching type
LIFO
+$75,000,000
Cash Settlement Amount