Export Compliance Daily is a Warren News publication.

Qualcomm Shares Fall 13 Percent After Apple Sues for $1 Billion in Damages

Qualcomm stock closed down 12.7 percent Monday to $54.88 after Apple sued it for damages totaling $1 billion. In its complaint (in Pacer) filed in the U.S. District Court for the Southern District of California in San Diego, Apple said…

Sign up for a free preview to unlock the rest of this article

Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.

Qualcomm overcharged the smartphone maker “billions of dollars” and that Qualcomm owes $1 billion to Apple, which Qualcomm claims Apple forfeited by responding to requests as part of an investigation by the Korea Fair Trade Commission. “If that were not enough, Qualcomm then attempted to extort Apple into changing its responses and providing false information to the KFTC in exchange for Qualcomm’s release of those payments to Apple. Apple refused.” In a statement, Qualcomm General Counsel Don Rosenberg called Apple’s claims baseless. “Apple has intentionally mischaracterized our agreements and negotiations, as well as the enormity and value of the technology we have invented, contributed and shared with all mobile device makers through our licensing program. Apple has been actively encouraging regulatory attacks on Qualcomm’s business in various jurisdictions around the world, as reflected in the recent KFTC decision and FTC complaint, by misrepresenting facts and withholding information. We welcome the opportunity to have these meritless claims heard in court where we will be entitled to full discovery of Apple’s practices and a robust examination of the merits,” he said. Also last week, the FTC sued Qualcomm (see 1701170065).