There seems to be no rest for Qualcomm Inc. After being sued by the federal government, law firms piled on to give it more headaches.
At least two securities law firms announced Jan. 17 that they planned to investigate shareholder claims against Qualcomm (Nasdaq: QCOM). This came after Qualcomm’s share price fell on news of a federal antitrust suit.
Shares of Qualcomm closed down 4 percent Jan. 17 on news that the Federal Trade Commission was poised to sue the company. After the market closed, the FTC filed its suit. Qualcomm published a statement saying it would fight the FTC in court.
Qualcomm shares closed at $66.88 on Jan. 13. After the three-day weekend they fell to close at $64.19 on Jan. 17. They picked up some lost ground on Jan. 18, when they closed at $65.13.
New York-based Bronstein, Gewirtz & Grossman LLC and New York-based Pomerantz LLP issued press releases saying they planned to investigate potential claims on behalf of Qualcomm investors and asked investors to come forward.
If the pattern holds up, more law firms will pile on to file class action lawsuits if shares go lower.