According to the law firm press release, Qualcomm, Inc. is a global semiconductor company that designs, manufactures and markets worldwide digital communications products and services.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that the Company was experiencing weaker-than-expected sales of devices that included the Company’s products and, as a result, the Company’s statements about its business, operations, and prospects lacked a reasonable basis. Upon disclosure of these issues, the Company’s securities declined sharply in value, thereby damaging investors.

On July 22, 2015, after the market closed, Qualcomm issued a press release that reported its third-quarter 2015 results and lowered its sales and earnings forecasts due, in part, to weaker-than-expected original equipment manufacturer sales of devices that included the Company’s products. Qualcomm explained on the earnings call discussing these results that it had an inventory build-up of chips.

Lead Plaintiffs filed an amended Complaint on April 29, 2016.

On October 20, 2017, the Court issued an Order partially granting Defendants' Motion to Dismiss. On November 16, the Parties filed a Motion to jointly request limited relief from the October 20, 2017 Order and to request entry of judgment for Defendants. On November 29, the Court issued an Order granting the Parties' joint motion and dismissing all remaining claims with prejudice. Lead Plaintiff filed a Notice appealing this decision on December 28. On August 29, 2019, the Court of Appeals denied Lead Plaintiff's petition for a rehearing en banc.