Qualcomm obtains affirmance of dismissal in putative securities class action
Clients Qualcomm Incorporated
Jones Day successfully represented Qualcomm Incorporated in an appeal to the Ninth Circuit brought by an institutional shareholder and others following the dismissal of their putative securities fraud class action. That action alleged that Qualcomm made false or misleading statements and/or omissions concealing purportedly debilitating overheating problems with Qualcomm's Snapdragon 810 microprocessor, which allegedly caused Qualcomm's customer, Samsung Electronics Co., Ltd., to reject the 810 for use in the Galaxy S6 smartphone and caused Qualcomm to experience unexpectedly poor financial results. The Ninth Circuit upheld the dismissal, holding that the plaintiffs' complaint failed to allege any cognizable securities fraud claim.
Public Employees Retirement System of Mississippi v. Qualcomm, Inc., et al., No. 18-55005 (9th Cir.)