Qualcomm To Appeal U.S. Court Ruling In Favor Of FTC Litigation; Stock Plunges

(RTTNews) - Qualcomm Inc. (QCOM) said that it strongly disagreed with the ruling of U.S. District Court in favor of the Federal Trade Commission's suit alleging the mobile chips maker illegally suppressed competition.

Qualcomm said it will immediately seek a stay of the district court's judgment and an expedited appeal to the U.S. Court of Appeals for the 9th Circuit.

U.S. District Court Judge Lucy Koh ruled that Qualcomm unlawfully suppressed competition in the market for cellphone chips and used its dominant position to impose excessive licensing fees.

"We strongly disagree with the judge's conclusions, her interpretation of the facts and her application of the law," said Don Rosenberg, executive vice president and general counsel of Qualcomm.

In Wednesday pre-market trade, QCOM is trading at $69.60, down $8.15 or 10.48 percent.