SAN DIEGO-Qualcomm Inc. said the U.S. Justice Department has reviewed L.M. Ericsson’s pending acquisition of the company’s infrastructure division and the two company’s intellectual-property-right settlement. Qualcomm said it expects the transaction with Ericsson to be completed on or about May 24.
Qualcomm said about 94 percent or more of the 1,053 employees transitioning to Ericsson who have unvested stock options have chosen not to join a class-action lawsuit filed against the company last week. The lawsuit demands that unvested stock options for workers in Qualcomm’s infrastructure division be immediately vested. Most employees, said Qualcomm, have opted to participate in the Retention Bonus Plan offered by Qualcomm and Ericsson. The plan provides several benefits, including cash compensation based upon a portion of the value of their unvested options, said Qualcomm.
