Lundin Law PC, has pronounced to take a class action lawsuit against Qualcomm, Inc. (NASDAQ:QCOM) regarding the infringement of federal Securities laws. The law firm went on to advice the investors who had purchased earlier the shares from the company to contact the firm immediately for further clarification on the losses.
The investors who had acquired Qualcomm shares as from February 2012 and January 2017 are the most affected and they were supposed to contact the company before March 24, 2017. This is also called the ‘Lead Plaintiff Motion’ closing date.
In January this year, the US Federal Trade Commission (FTC) filed a case against Qualcomm for involving in some unwarranted practices. The company is accused of preventing other firms from competing fairly on the market. The sources close to Qualcomm revealed that the firm engages in unmerited practices when conducting its technology licensing ventures.
The news has affected the performance of the company with its shares closing at 4 percent lower on the typical trade volume. The FTC claimed that Qualcomm has engaged in a range of multiple monopolistic practices.
The accusations against the firm are; that partners should acquire modems on conditions that they allegedly consent to the onerous license conditions. Providing substandard patents to rivalry firms, and getting inferior license rates from Apple Inc. (NASDAQ:AAPL) for exclusivity of their products.
One major investigation is about the unlawful deal that Qualcomm had with Apple. The company is alleged to have paid large sums of money to Apple to retain the iPhones off the more apt network unit their LTE are available. This practice left Sprint, one of its competitors, in a huge loss of billions they had invested in the network.
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At the moment, the law firm, Lundin Law PC, has not certified any class of securities following the actions. Hence, investors can decide to take action with the firm or remain passive class associate. These allegations are likely to affect the performance of the company which could soon be forced out of the market.