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Qualcomm secretly contacted U.S. government

Thwarting takeover, according to suit

According to a suit filed June 8 in federal court, San Diego’s Qualcomm secretly contacted the federal government’s Committee on Foreign Investment in the United States as a ploy to thwart the hostile takeover attempt by Broadcom Ltd.

The filing is a putative class action suit allegedly representing investors who purchased Qualcomm stock between Januardy 31 and March 31 of this year. Qualcomm’s stock dropped after the committee said it opposed the takeover, according to the plaintiff, Carey Camp.

Qualcomm hurt those who bought stock in the period by not disclosing in filings to the Securities and Exchange Commission that it had contacted the government surreptitiously, according to the suit. Ultimately, Broadcom was unable to take over Qualcomm.

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According to a suit filed June 8 in federal court, San Diego’s Qualcomm secretly contacted the federal government’s Committee on Foreign Investment in the United States as a ploy to thwart the hostile takeover attempt by Broadcom Ltd.

The filing is a putative class action suit allegedly representing investors who purchased Qualcomm stock between Januardy 31 and March 31 of this year. Qualcomm’s stock dropped after the committee said it opposed the takeover, according to the plaintiff, Carey Camp.

Qualcomm hurt those who bought stock in the period by not disclosing in filings to the Securities and Exchange Commission that it had contacted the government surreptitiously, according to the suit. Ultimately, Broadcom was unable to take over Qualcomm.

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Comments
44

It was not in the interest of the American people or the Qualcomm employees for ownership to transfer to Broadcom. But it may have been profitable for certain investors. I think they did the right thing- it was a potential threat to national security.

June 11, 2018

swell: I agree with you. A Broadcom takeover would not have been in the interest of San Diego, Qualcomm, its employees, its vendors, and others. Best, Don Bauder

June 11, 2018

I too have mixed feelings about this story. I’m also just wondering about the duty to disclose every little thing a company does while in the throes of a hostile takeover.

But the real measure, which can never be made, is what would plaintiffs have done if the stock rose after the failed merger? I suspect they wouldn’t be suing, they’d be laughing all the way to the bank, overstating how smart they were. The bottom line in this case is plaintiffs were speculating/gambling on the outcome of the take over game.

And, just like in sports, somebody wins while others lose. I’d questioned these folks calling themselves “investors”. No, they are more like opportunists who thought they could make a quick buck in merger mania. Where excessive enthusiasm thwarts common sense and careful analysis.

June 11, 2018

It's throes (NOT "throws"). ;-)

June 11, 2018

Damn auto correct, and my elderly eyes for not catching it. Could be time to visit with the Opthamologist again.

June 11, 2018

I'm scheduled for the ophthalmologist this month! The Golden Years have not arrived at MY door. Should have ordered them on Amazon. ;-)

June 11, 2018

dwbat: JustWondering spelled it "throes."

This raises a semi-related point, though. These spell corrector devices will be the end of me. I spell something like a name correctly and the corrector changes it to something completely unrelated. I keep threatening to turn off the device. Best, Don Bauder

June 11, 2018

To be fair, I did spell correctly as I typed it, auto correct changed it to “throws”. DWBAT caught it before I did, and he was SO FAST with his comment, there was still time for me to edit it to the proper spelling for the context of the thought.

But you are correct Don, more and more auto correct changes spelling of words, especially homophones.

June 11, 2018

JustWondering: And it's embarrassing when you don't catch it. Best, Don Bauder

June 11, 2018

if we did not make spelling mistakes now and then, we would deprive dwbat of one of his thrills in life :)

June 12, 2018

Murphyjunk: And he gives not an inch to the elderly who err largely because of shaky hands and the autocorrect. He was editor of a publication -- as I recall, one in Palm Springs. The staff must have been in terror 100% of the time. Best, Don Bauder

June 12, 2018

Could it be that, just perhaps, some of us perpetrate those egregious errors intentionally, maybe to help bolster his obviously low self esteem??? Now, since I abhor spell checkers and avoid them wherever and whenever possible, I wouldn't be one of those people. I'm just sayin'.

June 12, 2018

No "low self esteem" over here. Obviously you don't know me at all. Nor does Bauder or Murphy. Only my many friends DO. [No, they don't comment here.] But keep up the barbs; it's OK. I'm ex-Army, so I've heard it all.

June 12, 2018

As I said, I don't like spell checkers and for the most part, wouldn't be one of those people from whom the errors are intentional. I seems to me that several of the comments above were at the very least meant to be tongue in cheek, if not down right sarcastic. That I don't know you at all is, of course, obvious. But I can say, from my view point, you seem to not really grasp that. Personally, I really don't care what anyone here says about me or my comments. It is, after all, just the internet, where, as the late, lamented johnnyvegas used to say, anyone can shoot their mouth off.

Just my opinion.

Opinions vary.

June 12, 2018

danfogel: I would turn off my spell checker, except that once in awhile it bails me out of a typo. Best, Don. Bauder

June 14, 2018

Now we can claim our spelling mistakes were deliberate, right ? :)

June 13, 2018

dwbat: i am ex-Army, too. I was a clerk-typist for six months on active duty. No war hero here. Best, Don Bauder

June 14, 2018

was in more than one army., I still see and hear things that are new to me

June 14, 2018

danfogel: I wish I could say I make my errors deliberately. Alas, I can't. Best, Don Bauder

June 12, 2018

don bauder, You know what they say about people who can't take a joke (not referring to you, btw)

June 12, 2018

Amen. Yes I say, Amen.

June 12, 2018

I feel a bit crushed, I thought we were all friends on this forum, after all its just in fun, nothing we say here really will have much of an impact anywhere else.

June 14, 2018

JustWondering: When did we turn from a blog site to a prayer session? Best,, Don Baudeer

June 14, 2018

In my case, as I get older I find myself injecting a religious thought, from time to time. But “Amen”, in this case, was meant as a statement of agreement, nothing more.

June 16, 2018

danfdogel: I wish I could say that I make these typos, and then fail to correct them, to harass dwbat or anybody else. I am not a mean person. I am a fumbling person. Best, Don Bauder

June 14, 2018

danfogel: I disagree with that analysis. Dwbat does not have low esteem. And he adds a lot to our colloquys. Best, Don Bauder

June 14, 2018

don abuder, It was sarcasm. Obviousl,y Mr. Batterson has a high opinion of himself.

June 14, 2018

more likely a low opinion of others .

June 20, 2018

Have similar complaints about auto spell checks...It is notoriously bad posting from an Android device...It will completely change surnames and 1st names it does not recognize as common names...It will change words in sentences it does not recognize...It will put misspellings on words that are not simple..It will jumble sentences...when you are posting and change the context of what you are posting...I have gone back to posts and been very surprised at some post I carefully proof read that was botched and changed by Android auto correct...If you know how to turn it off, then let me know....

June 16, 2018

find the app on your device and delete it.

June 28, 2018

JustWondering: This is a putative class action supposedly on behalf of those who bought QCOM stock between January 31 and March 31. You are right that these would have been almost completely speculators -- arbitrageurs and the like. Yes, they should not be called "investors." Best, Don Bauder

June 11, 2018

If the QCOM board was smart, and that's not a sure thing, it would have had someone who wasn't directly involved make the contact. As in some influential person who had no dog in the fight. Then the board and its members could safely claim they knew nothing about it.

June 11, 2018

Visduh: Maybe the SD Regional Chamber of Commerce? Best, Don Bauder

June 11, 2018

Investors can always find a lawyer to sue on these type cases...Let the meters run. Win or lose, I am sure these cases pay very good $$$$ Much better than chasing auto accident cases or squirrelly insurance companies..Many investment speculators on both sides of the fence: the shorters and those seeking a rise in the stock prices of Qualcomm will sue either way: If the deal goes through OR if the deal is killed.

This Qualcomm/Broadcom deal was doomed from the beginning based on national security grounds.

I could see a huge disadvantageous outcome for San Diego, California and the US economy and US National Defense.

I read somewhere that Broadcomm was using Chinese Communist government funds in the Qualcomm merger deal. The Politbureau wanted to get its hands on this vital US technology. China usually tries to steal it not buy it. Blocking the merger likely sends Chinese intelligence "underground" to try to steal the Qualcomm technology that they could not buy here/

June 16, 2018

Broadcom previously had its legal address in Singapore, but now has its HQ in San Jose. But it's a Delaware corporation.

June 18, 2018

it would be revealing to know where its bank accounts are.

June 24, 2018

concerned citizen77: I have not heard or read that Broadcom used Chinese government funds. Yes, had the deal gone through, it would have had negative repercussions for San Diego and the nation. Best, Don Baudeer

June 16, 2018

As a US network engineer (broadband, and cellular), I agree with https://domyhomeworkonline.net/ and did not want this merger approved. First, it would compromise US cyber security, and second, it would create a single monopoly company out of the only two competitors in this space.

June 19, 2018
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April 16, 2021
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April 16, 2021

caroldriscoll33: There were so many good non-Wall Street arguments against this merger and few if any for it Best, Don Bauder

June 19, 2018

You are responding to a spammer. This has been happening a lot lately in the Reader comments sections. See the link that has NOTHING to do with the subject? The comment is there just to promote some stupid website. You got reeled in.

June 20, 2018
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July 15, 2019
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Aug. 13, 2019

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