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Qualcomm investigation grows

Qualcomm said this week it has stepped up a review of its FCPA compliance, while the DOJ and SEC continue to investigate the company.

San Diego-based Qualcomm hasn’t identified what business units or countries are involved or the amounts of any alleged sensitive payments.

The company provides wireless technology and services. Revenues last year were about $15 billion. It operates primarily in China, South Korea, Taiwan, Japan, and the United States.

The SEC began an investigation in September 2010 following a whistleblower complaint a year earlier.

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Here is Qualcomm Incorporated’s full FCPA disclosure from its Form 10-Q filed with the SEC on November 7:

Securities and Exchange Commission (SEC) Formal Order of Private Investigation and Department of Justice (DOJ) Investigation: On September 8, 2010, we were notified by the SEC’s Los Angeles Regional office of a formal order of private investigation. We understand that the investigation arose from a “whistleblower’s” allegations made in December 2009 to the audit committee of our Board of Directors and to the SEC. In 2010, the audit committee completed an internal review of the allegations with the assistance of independent counsel and independent forensic accountants. This internal review into the whistleblower’s allegations and related accounting practices did not identify any errors in our financial statements. On January 27, 2012, we learned that the U.S. Attorney’s Office for the Southern District of California/DOJ (DOJ) had begun a preliminary investigation regarding our compliance with the Foreign Corrupt Practices Act (FCPA). We believe that FCPA compliance had also become a focus of the SEC investigation. The audit committee has commenced an internal review into our compliance with the FCPA with the assistance of independent counsel and independent forensic accountants.

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