Qualcomm Could Face SEC Suit Over China Bribes

Law360, Los Angeles (April 23, 2014, 10:47 PM EDT) -- Qualcomm Inc. might be slapped with a U.S. Securities and Exchange Commission enforcement action over allegations that it bribed individuals associated with Chinese state-owned companies or agencies, the company disclosed Wednesday in a securities filing.

The telecommunications company's quarterly earnings report said SEC staff had recommended that the federal agency file a civil suit against the company for violations of the anti-bribery, books and records, and internal control provisions of the Foreign Corrupt Practices Act.

Qualcomm said it had learned of the preliminary determination through a Wells notice it received from the SEC's Los Angeles office March 13. The notice said...

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