3226701 Canada Inc. v. Qualcomm, Inc.
Status: Ongoing Case
On February 19, 2016, Labaton Sucharow was appointed as co-lead counsel for lead plaintiffs in a securities class action against Qualcomm, Inc. (Qualcomm), a telecommunications company, and certain of its officers. On March 17, 2017, lead plaintiffs filed a second amended complaint. The defendants must file a motion to dismiss or otherwise respond to the second amended complaint by May 1, 2017.
Lead plaintiffs allege that Qualcomm made false and misleading statements, and concealed material facts regarding the company’s business practices. Specifically, lead plaintiffs allege that Qualcomm made false and/or misleading statements and/or failed to disclose that the company was experiencing unprecedented overheating issues related to the development and manufacturing of the company’s flagship microprocessor, the Snapdragon 810. As a result of these thermal issues, the Snapdragon 810 was dropped by a number of Qualcomm’s most important customers, including Samsung.
The case is 3226701 Canada Inc. v. Qualcomm, Inc., No. 15-cv-02678-MMA-WVG (S.D. Cal.). Labaton Sucharow represents the lead plaintiff The Public Employees Retirement System of Mississippi. The defendants are Qualcomm, Inc.; Steven M. Mollenkopf, Qualcomm’s Chief Executive Officer; George S. Davis, Qualcomm’s Chief Financial Officer; Derek K. Aberle, Qualcomm’s President; Venkata S.M. Renduchintala, an Executive Vice President at Qualcomm; and Tim McDounagh, Qualcomm’s Vice President of Marketing.