|Court:||United States District Court for the Southern District of California|
|Class Period:||02/01/2012 - 01/20/2017|
|Case Leaders:||Salvatore J. Graziano, Jeroen van Kwawegen, Jonathan D. Uslaner, Rebecca E. Boon|
|Case Team:||Lauren M. Cruz, Jasmine Cooper-Little , Robert Kravetz, Aasiya Glover|
This is a securities lawsuit filed in the United States District Court for the Southern District of California. The operative complaint in the Action names as defendants Qualcomm and certain of its former executives, Derek K. Aberle, Steven R. Altman, Donald J. Rosenberg, William F. Davidson, Jr., Paul E. Jacobs, and Steven Mollenkopf (the “Executive Defendants” and, together with Qualcomm, “Defendants”).
The initial class action complaint in this matter was filed in January 2017. In May 2017, the Court issued an Order appointing Sjunde AP-Fonden and Metzler Asset Management GmbH as Lead Plaintiffs for the Action and approving Lead Plaintiffs’ selection of Bernstein Litowitz Berger & Grossmann LLP and Motley Rice LLC as Lead Counsel for the Class.
On July 3, 2017, the Lead Plaintiffs filed their Consolidated Class Action Complaint for Violation of the Securities Laws (the “Complaint”). The Complaint asserts claims under Section 10(b) of the Securities Exchange Act of 1934 against all Defendants and under Section 20(a) against the Executive Defendants. The Complaint alleges that during the period from February 1, 2012 through January 20, 2017, Defendants made materially misleading or false statements or material omissions regarding, among other things, Qualcomm’s alleged bundling of the negotiations and terms of its patent licenses and chipset agreements.
On March 18, 2019, the Court denied Defendants’ motion to dismiss the Complaint. Defendants filed their Answer to the Complaint on May 31, 2019.
On May 23, 2022, Lead Plaintiffs filed a motion for class certification. On March 20, 2023, the Court issued an Order granting in part and denying in part Lead Plaintiffs’ motion for class certification. The Court certified a Class consisting of all persons and entities who purchased or otherwise acquired Qualcomm common stock from February 1, 2012 through January 20, 2017, inclusive, and who were damaged thereby. Excluded from the Class are Defendants, the officers and directors of Qualcomm at all relevant times, members of their immediate families and their legal representatives, heirs, agents, affiliates, successors or assigns, Defendants’ liability insurance carriers, and any affiliates or subsidiaries thereof, and any entity in which Defendants or their immediate families have or had a controlling interest. The Court certified the Class as to Lead Plaintiffs’ claims regarding Defendants’ alleged bundling practices. The Court appointed Lead Plaintiffs as class representatives for the Class and Bernstein Litowitz Berger & Grossmann LLP and Motley Rice LLC as Class Counsel. On June 1, 2023, the United States Court of Appeals for the Ninth Circuit denied Defendants’ petition for leave to appeal the class certification Order.
Substantial discovery has occurred. The present deadline for the completion of expert discovery is March 8, 2024. The trial is scheduled to begin October 28, 2024.
Please review the Notice of Pendency of Class Action to learn more about Class Members’ rights in the class action. If you are a Class Member and you wish to request exclusion from the Class, you must either (a) submit an Opt-Out Form online at www.QualcommSecuritiesLitigation.com by no later than January 29, 2024, or (b) send a letter postmarked by no later than January 29, 2024, in accordance with the instructions set out in the Notice of Pendency of Class Action.
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