IN THIS MONTH'S ISSUE!
November 2008
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Apple Hit with Stock Lawsuit
Posted 07/02/2008 at 8:01:55am | by
Florence Ion
Apple is in legal hot water, again. Jobs and his crew, including former financial officer Fred D. Anderson, former general counsel Nancy R. Heinen, and several members of the company's board of directors, are in the midst of a class-action lawsuit that alleges millions of dollars were lost because of negative media attention concerning a 2006 litigation claiming Apple had backdated its stocks.
Apple had acknowledged that it backdated stock from 1997-2001 and the company issued a public apology and vowed reimbursement. However, as a result of widespread media attention, the company’s share price dropped 14%, resulting in a $7Billion loss to its shareholders. The plaintiffs also claim that Jobs knew what was happening and just didn’t care.
The case was filed in a U.S. District Court in San Jose, Calif. The plaintiffs have not yet pled loss causation.
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So another lawsuit is going to help???
Submitted by Phillip Anthony (not verified) on Wed, 2008-07-02 15:50
I am an Apple stockholder and this type of lawsuit INFURIATES me.
These idiots are complaining about a loss of revenue and now their lawsuit may have already begun another downturn in stock value judging from todays losses. How f***ing stupid can they be??? No one wins in a lawsuit of this type. It doesn't get an dumber that this.
This really made my day.
Submitted by g money (not verified) on Wed, 2008-07-02 16:49
Why is it that all these stupid lawsuits are filed in California courts?
Coincidence? Or is there something about California laws that makes people think they can actually get away with dumb stuff like this?
Submitted by Anonymous (not verified) on Wed, 2008-07-02 18:47
Maybe he didn't care because his employees come first, customers second, and shareholders last. As he once said "take care of your front line and they will take carer of your bottom line."
Submitted by Phillip Anthony (not verified) on Thu, 2008-07-03 09:45
if indeed he did say as the above poster claimed he did.
IMO, this is not a bad position to take because:
A. Employees generally take pride in their work and do a good job if they are appropriately compensated, else they leave for greener pastures;
B. Consumers will purchase the product if it is appraised as nicely designed, well made, and priced accordingly;
C. If A and B are TRUE, then the employees, the consumers, AND the shareholders WIN.This is not exactly rocket science here. It's as basic as supply and demand.
Having said that, to file a "lawsuit that alleges millions of dollars were lost because of negative media attention concerning a 2006 litigation claiming Apple had backdated its stocks.", reeks of arrogance, stupidity to the nth degree, and GREED. These idiots are only doing this for their own self-aggrandizement and nothing more. This lawsuit is as transparent as the shallow area that lies between their friggin' ears
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