Qualcomm Investors Fail to Revive Broadcom Merger Allegations

Qualcomm Inc. remains free of allegations it secretly worked to block Broadcom Ltd.'s hostile takeover bid after the Ninth Circuit on Tuesday rejected investors’ attempt to secure a new shot at holding the company liable.

Investors accuse the San Diego-based chipmaker of publicly claiming to pursue the merger with the Singapore firm in good faith while working to tank the deal behind the scenes. Their complaint didn’t allege Qualcomm intentionally made false statements that caused the investors’ losses, the U.S. Court of Appeals for the Ninth Circuit said in an unpublished opinion.

The investors argued that Qualcomm made it ...