Qualcomm Incorporated Securities Litigation v. Qualcomm Incorporated

CourtDistrict Court, S.D. California
DecidedJune 27, 2024
Docket3:17-cv-00121
StatusUnknown

This text of Qualcomm Incorporated Securities Litigation v. Qualcomm Incorporated (Qualcomm Incorporated Securities Litigation v. Qualcomm Incorporated) is published on Counsel Stack Legal Research, covering District Court, S.D. California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Qualcomm Incorporated Securities Litigation v. Qualcomm Incorporated, (S.D. Cal. 2024).

Opinion

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7 8 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF CALIFORNIA 9

10 IN RE QUALCOMM Case No. 3:17-cv-00121-JO-MSB 11 INCORPORATED SECURITIES LITIGATION [PROPOSED] ORDER 12 PRELIMINARILY APPROVING

13 OF SETTLEMENT AND PROVIDING FOR NOTICE 14 15 16 17 18 19 20 21 22 23 24 25 26 27 1 WHEREAS, a securities class action is pending in this Court entitled In re 2 Qualcomm Incorporated Securities Litigation, Case No. 3:17-cv-00121-JO-MSB 3 (the “Action”); 4 WHEREAS, by Order dated March 20, 2023 (ECF No. 279), the Court 5 certified the Action to proceed as a class action on behalf of all persons or entities 6 who purchased or otherwise acquired the common stock of Qualcomm between 7 February 1, 2012 and January 20, 2017, inclusive (the “Class Period”), and who were 8 damaged thereby,1 appointed Lead Plaintiffs Sjunde AP-Fonden and Metzler Asset 9 Management GmbH as Class Representatives for the Class, and appointed Lead 10 Counsel Bernstein Litowitz Berger & Grossman LLP and Motley Rice LLC as Class 11 Counsel for the Class; 12 WHEREAS, by Order dated October 26, 2023 (ECF No. 309), the Court 13 approved the proposed form and content of the Class Notice to be disseminated to 14 the Class Members to notify them of, among other things: (i) the Action pending 15 against Defendants; (ii) the Court’s certification of the Action to proceed as a class 16 action on behalf of the Class; and (iii) Class Members’ right to request to be excluded 17 from the Class by January 29, 2024, the effect of remaining in the Class or requesting 18 exclusion, and the requirements for requesting exclusion; 19 WHEREAS, the Class Notice was mailed beginning on November 28, 2023 20 to all potential Class Members who could be identified through reasonable effort, 21 22

23 1 Excluded from the Class are Defendants, the Officers and directors of Qualcomm 24 at all relevant times, their Immediate Family Members, legal representatives, heirs, agents, affiliates, successors, or assigns, Defendants’ liability insurance carriers, and 25 any affiliates or subsidiaries thereof, and any entity in which Defendants or their 26 immediate families have or had a controlling interest. Also excluded from the Class are all persons and entities who requested exclusion from the Class in connection 27 with the mailing of the Notice of Pendency of Class Action as set forth in Appendix 1 resulting in the mailing of over 2,100,000 copies of the Class Notice, and 233 2 requests for exclusion were received by February 20, 2024; 3 WHEREAS, (a) Lead Plaintiffs Sjunde AP-Fonden and Metzler Asset 4 Management GmbH (“Lead Plaintiffs”), on behalf of themselves and the Class; and 5 (b) defendant Qualcomm Inc. (“Qualcomm”) and defendants Derek K. Aberle, 6 Steven R. Altman, Donald J. Rosenberg, William F. Davidson, Jr., Paul E. Jacobs, 7 and Steven M. Mollenkopf (collectively, the “Individual Defendants,” and together 8 with Qualcomm, “Defendants,” and together with Lead Plaintiffs, the “Parties”) 9 have determined to settle all claims asserted against Defendants in the Action with 10 prejudice on the terms and conditions set forth in the Stipulation and Agreement of 11 Settlement dated June 17, 2024 (the “Stipulation”), subject to the approval of this 12 Court (the “Settlement”); 13 WHEREAS, Lead Plaintiffs have made an application, pursuant to Rule 23 of 14 the Federal Rules of Civil Procedure, for an order preliminarily approving the 15 Settlement in accordance with the Stipulation and allowing notice to Class Members 16 as more fully described herein; 17 WHEREAS, the Court has read and considered: (a) Lead Plaintiffs’ motion 18 for preliminary approval of the Settlement, and the papers filed and arguments made 19 in connection therewith; and (b) the Stipulation and the exhibits attached thereto; 20 and 21 WHEREAS, unless otherwise defined herein, all capitalized words contained 22 herein shall have the same meanings as they have in the Stipulation; 23 NOW THEREFORE, IT IS HEREBY ORDERED: 24 1. Preliminary Approval of the Settlement – The Court hereby 25 preliminarily approves the Settlement, as embodied in the Stipulation, and finds, 26 pursuant to Rule 23(e)(1)(B)(i) of the Federal Rules of Civil Procedure, that it will 27 likely be able to finally approve the Settlement under Rule 23(e)(2) as being fair, 1 reasonable, and adequate to the Class, subject to further consideration at the 2 Settlement Hearing to be conducted as described below. 3 2. Settlement Hearing – The Court will hold a settlement hearing (the 4 “Settlement Hearing”) on September 27, 2024, at 9:00 a.m. Pacific time, either in 5 person at the United States District Court for the Southern District of California, 6 Courtroom 4C, Edward J. Schwartz United States Courthouse, 221 West Broadway, 7 San Diego, CA 92101 or by telephone or videoconference (in the discretion of the 8 Court), for the following purposes: (a) to determine whether the proposed Settlement 9 on the terms and conditions provided for in the Stipulation is fair, reasonable, and 10 adequate to the Class, and should be approved by the Court; (b) to determine whether 11 a Judgment substantially in the form attached as Exhibit B to the Stipulation should 12 be entered dismissing the Action with prejudice against Defendants; (c) to determine 13 whether the proposed Plan of Allocation for the proceeds of the Settlement is fair 14 and reasonable and should be approved; (d) to determine whether the motion by 15 Lead Counsel for attorneys’ fees and Litigation Expenses should be approved; and 16 (e) to consider any other matters that may properly be brought before the Court in 17 connection with the Settlement. Notice of the Settlement and the Settlement Hearing 18 shall be given to Class Members as set forth in paragraph 4 of this Order. 19 3. The Court may adjourn the Settlement Hearing without further notice 20 to the Class, and may approve the proposed Settlement with such modifications as 21 the Parties may agree to, if appropriate, without further notice to the Class. The 22 Court retains jurisdiction to consider all further applications arising out of or 23 connected with the proposed Settlement. The Court may decide to hold the 24 Settlement Hearing by telephone or video conference without further notice to the 25 Class. Any Class Member (or his, her, or its counsel) who wishes to appear at the 26 Settlement Hearing should consult the Court’s docket and/or the case website for 27 any change in date, time, or format of the hearing. 1 4. Retention of Claims Administrator and Manner of Giving Notice – 2 A.B. Data, Ltd. (“A.B. Data”) was previously retained to supervise and administer 3 the distribution of the Class Notice and receive and process requests for exclusion 4 from the Class. Lead Counsel are now authorized to retain A.B. Data to supervise 5 and administer the notice procedure in connection with the proposed Settlement as 6 well as the processing of Claims as more fully set forth below. Notice of the 7 Settlement and the Settlement Hearing shall be given as follows: 8 (a) by no later than July 11, 2024 (which shall be the “Notice Date”), 9 A.B. Data shall cause a copy of the Postcard Notice, substantially in the form 10 attached hereto as Exhibit 1, to be mailed by first-class mail to all potential Class 11 Members who were previously mailed a copy of the Class Notice; and shall cause 12 copies of the Settlement Notice and Claim Form, substantially in the forms attached 13 hereto as Exhibits 2 and 3, respectively (together, the “Settlement Notice Packet”), 14 to be mailed to the brokers and other nominees (“Nominees”) contained in the 15 Claims Administrator’s broker database. 16 (b) by no later than the Notice Date, A.B.

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Qualcomm Incorporated Securities Litigation v. Qualcomm Incorporated, Counsel Stack Legal Research, https://law.counselstack.com/opinion/qualcomm-incorporated-securities-litigation-v-qualcomm-incorporated-casd-2024.