Qualcomm Sinks as South Korea Says Chipmaker Is Breaking Law
- Regulator proposing fines, changes to chipmaker's practices
- Qualcomm says allegations `not supported by the facts'
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Qualcomm Inc.’s stock sank to its lowest level in more than four years after South Korea’s Fair Trade Commission accused the chipmaker of violating local competition law in the way it licenses technology to customers.
The regulator proposes fining the company and forcing it to modify its business practices, Qualcomm said Tuesday in a statement. The commission sent a “case examiner’s report” to the U.S. company, beginning the process of allowing Qualcomm to respond to the allegations.