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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: Jeff Vayda who wrote (29633)	5/10/1999 10:14:00 AM
From: brian h	Read Replies (1) \| Respond to of 152472

All, Good or bad? SOURCE: QUALCOMM Incorporated QUALCOMM Receives Regulatory Approval on Ericsson Agreements -Most Transitioning Employees Elect Not to Participate in Lawsuit SAN DIEGO, May 10 /PRNewswire/ -- QUALCOMM Incorporated (Nasdaq: QCOM - news) today announced that it was advised on Friday, May 7, 1999 that the United States Department of Justice had concluded its anti-trust review of the pending acquisition by Ericsson of QUALCOMM's terrestrial Code Division Multiple Access (CDMA) wireless infrastructure business and the companion settlement agreements of the pending patent infringement litigation between the two companies. As a result, QUALCOMM expects that the transaction with Ericsson will close on or about May 24, 1999. On May 6, 1999, a class action lawsuit was filed against QUALCOMM by a single employee, purportedly on behalf of those employees who are transitioning to Ericsson as part of the acquisition. However, 94 percent or more of the 1,053 transitioning employees who have unvested stock options, including all of the senior management of the division, have chosen not to join the lawsuit. They will participate in the Retention Bonus Plan offered by QUALCOMM and Ericsson, which provides several benefits including cash compensation based upon a portion of the value of their unvested options. ''We are pleased with the overwhelming acceptance of the Retention Bonus Plan and the many positive comments regarding fair treatment that we have received from all of our employees. We thank each of the transitioning employees for their many significant contributions to QUALCOMM, and wish them great success while participating in the worldwide growth of CDMA with Ericsson,'' said Dr. Irwin M. Jacobs, Chairman and CEO of QUALCOMM. Brian H.