Along with its FQ2 results, Qualcomm (QCOM) discloses it has received a Wells Notice from the SEC's L.A. office over alleged Chinese bribery. The office recommends the SEC file an enforcement action against the company.
Qualcomm has made a Wells submission arguing it isn't violating federal international bribery laws, and doesn't believe action is needed. The company says it's continuing to cooperate with the SEC and DOJ.
Chinese regulators have been carrying out an antitrust probe of Qualcomm widely seen as an effort to obtain lower 4G royalty rates.
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