Cellphone chipmaker Qualcomm, Inc. (NASDAQ:QCOM) just can’t get a break. QCOM stock is down another 5.2% in trading Thursday morning, which caps a total decline of 23% from its October high.

Qualcomm has endured a combination of factors over the last few months, including anti-trust charges from government regulators and disappointing quarterly results. QCOM stock fell on its head on Monday after Apple Inc. (NASDAQ:AAPL) announced it was suing the company over patent royalties.

Furthermore, Qualcomm management reported mixed results, with earnings of $1.19 per share beating estimates, but revenues of $6 billion, up only 3.9% from last year, short of expectations. While there were highlights, such as an upgrade on the $38 billion acquisition of NXP Semiconductor NV (NASDAQ:NXPI), which broadens the company’s footprint in fast growing areas like automotive technology and Internet of Things, the legal hurdles undermine a big reason investors have been interested in QCOM stock for years: its steady royalty cashflow.

These rights stem from the Qualcomm’s history as an innovator in the technology that underlies the smartphone revolution. But like so many pioneers of prior business cycles, such as Standard Oil and AT&T Inc. (NYSE:T), it has now attracted the ire of government officials and competitors that are looking to cut it down to size in the courtroom.

QCOM will next report results on April 26. Watch for a possible decline to test support from the early 2016 lows near $41 a share.

Anthony Mirhaydari is founder of the Edge and Edge Pro investment advisory newsletters. A two-week and four-week free trial offer has been extended to InvestorPlace readers.