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Justin Sullivan
Qualcomm (NASDAQ:QCOM) shares slipped on Monday even as the European Union’s antitrust regulators will not appeal a court’s decision to remove a $991M fine against the semiconductor company over its decision to supply Apple (NASDAQ:AAPL) with chips, Reuters reported.
The news outlet, citing people familiar with the matter, noted that the regulators decided against appealing the decision because they felt it would be too difficult to convince the European Union Court of Justice on its merits.
In 2018, the European Commission said that Qualcomm’s (QCOM) decision to pay billions of dollars to Apple (AAPL) to exclusively use its baseband chips in iPhones and iPads from 2011 to 2016 was an abuse of power.
In June, however, Qualcomm (QCOM) successfully appealed the fine when the General Court, the bloc’s second-highest court, annulled the finding and said there were “a number of procedural irregularities” that impacted Qualcomm’s right of defense.
“As regards the failure to have due regard for Qualcomm’s rights of defense, the General Court finds that the Commission committed a number of irregularities when it was putting together the case-file,” the statement read at the time.
“The General Court points out that it is for the Commission to record, in the form of its choosing, the precise content of all interviews conducted for the purposes of collecting information relating to the subject matter of an investigation,” the statement added. “In the present case, the Commission failed to respect that obligation fully so far as concerns, in particular, the holding of meetings and conference calls with third parties.”
Earlier this month, it was reported that Qualcomm (QCOM) was looking to reenter the server market after having left it several years ago, thanks to its Nuvia acquisition.
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Image and article originally from seekingalpha.com. Read the original article here.