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.