The San Francisco-based company requested a hearing for November 10. This is nine months after the European Commission alleged it forced British phone software producer Icera out of the market by selling some chipsets at a discount from 2009 to 2011, according to Reuters.
Icera was purchased by Santa Clara, CA-based chipmaker Nvidia (NVDA) in 2011. In May, Nvidia said it plans to wind down its Icera operations by year's end.
Qualcomm could face a fine up to $2.5 billion, or 10% of its 2015 revenue, if found guilty by the EU, Reuters added.
Shares of Qualcomm were increasing in mid-afternoon trading on Friday as the company is reportedly in talks to buy chipmaker NXP Semiconductors (NXPI).
A deal could be negotiated within the next two to three months and may value NXP at about $30 billion, the Wall Street Journal reported, citing sources.
More than 24.73 million of Qualcomm's shares have changed hands so far today vs. its average volume of 8.32 million shares per day.
(Qualcomm is held in David Peltier's Dividend Stock Advisor portfolio. See all of his holdings with a free trial.)
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates Qualcomm as a Buy with a ratings score of B. The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and attractive valuation levels. The team feels its strengths outweigh the fact that the company shows weak operating cash flow.
You can view the full analysis from the report here: QCOM