News: Securities Regulation Daily Wrap Up, TOP STORY—Liability allegations fall short of excusing demand on Qualcomm board

June 16, 2017
...FCPA Stockholder Derivative Litigation , June 16, 2017, Montgomery-Reeves, T.). Alleged violations... In March 2016, the SEC determined that, between 2002 and 2012, Qualcomm violated the Foreign Corrupt Practices Act’s prohibitions on illicit payments to foreign government officials to obtain business and ordered Qualcomm pay a $7.5 million penalty and make periodic reports to the SEC... The complaint alleged that the Qualcomm board and its audit committee knew of several red flags regarding FCPA compliance in China and Korea...
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