Qualcomm Fined $1.8M for Flarion Pre-Merger Violations
The Department of Justice reported Qualcomm Inc. and Flarion Technologies Inc. have agreed to pay a $1.8 million in civil penalties for violating “premerger waiting period requirements” associated with Qualcomm’s $600 million acquisition of Flarion.More here.
According to the complaint, Qualcomm obtained operational control over Flarion without observing the premerger waiting period requirement in violation of antitrust laws. The merger agreement required Flarion to seek Qualcomm’s consent before undertaking certain basic business activities, such as making new proposals to customers. Flarion also sought and followed Qualcomm’s guidance before undertaking routine activities, including hiring consultants and employees.
posted by Fergie @ 4/13/2006 02:57:00 PM
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