In January 2017, the Federal Trade Commission and Apple sued Qualcomm in connection with its alleged efforts to monopolize the market for baseband processors, a type of chip used in cellphones. Qualcomm largely won those battles, with the Apple lawsuits ending in settlements and regulators’ actions largely being overturned, but in a court filing on Tuesday, Qualcomm said it would agree to pay $75 million to settle a lawsuit brought by shareholders, who claim that the company misled them about how its business practices worked and artificially inflated its stock price as a result.
Reuters:
Qualcomm and six individual defendants, including former chief executives Paul Jacobs and Steven Mollenkopf, denied wrongdoing in agreeing to settle.
Shareholders accused Qualcomm of artificially inflating its share price between February 2012 and January 2017 by repeatedly describing its chip sales and technology licensing as separate businesses, when in fact Qualcomm bundled them to stifle competition.
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MacDailyNews Take: What we wrote nearly five years ago finally begins:
Eventually, the Qualcomm extortionist will pay for its myriad sins.
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