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AAPL Stock: 433.26 ( -1.32 )

http://www.macnn.com/articles/01/10/30/law.firm/

Law firm alleges violations by Apple

updated 12:15 pm EST, Tue October 30, 2001

 
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The Law Offices Of Charles J. Piven, P.A have distributed an announcement alleging violations of federal securities laws on behalf of purchasers of Apple products between 07/19/00 and 09/28/00. The firm says "If you purchased stock in any company listed above during the period indicated, you may have certain rights." The announcement is in sequence after class action proceedings began against Apple for its purported unfair promises about the Power Mac G4 Cube and other products.


by MacNN Staff

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  1. berserkintosh

    Fresh-Faced Recruit

    Joined: Jul 2003

    0
    10/30, 12:27pm | report spam | Reply |

    hu hu

    "behalf of purchasers of Apple products" or thier stock? good grief people let it go. god forbid companies pitch thier products to raise stocks. we mac users new what apple was doing. oh wait, these people got suckered into purchasing tech stock....gimme a break. dont we see these kinda c*** lawsuits now every few weeks? BLEH!

    berserk

  1. anepple

    Fresh-Faced Recruit

    Joined: Oct 2001

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    10/30, 01:18pm | report spam | Reply |

    Money! Money!

    Law firms do this all the time. Find something that was not a success, claim there is a security volation, sue on behalf of share holders, Apple will settle because it is a less expensive, and the law firm will keep a generous amount of the profit!

  1. SuperG

    Fresh-Faced Recruit

    Joined: Oct 2001

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    10/30, 02:23pm | report spam | Reply |

    Can we sue the lawyers?

    I've gotten so many notices of class action lawsuits lately and the thing that really pisses me off about them is that if you actually read them, the only people making money are the lawyers. Did you see the Apple DVD playback one? What did the consumer get? Access to a download or disc of the already available update for the DVD palyer and a minor discount coupon at the Apple store. What did the lawyers get? MILLIONS OF DOLLARS!
    How did this help me? It didn't. When I got the notice I sent it back asking to be excluded. i don't feel hurt by Apple trying to innovate and bring out new products. I am hurt when Apple has to lose millions of dollars that can be used for R&D to fight off and then pay blood sucking leeches who probably use PC's. F&^% the lawyers!
    When you get the class action notices send them back and ask to be excluded.

  1. jimothy

    Fresh-Faced Recruit

    Joined: Sep 2000

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    10/30, 02:39pm | report spam | Reply |

    re: sue the lawyers

    And, ironically, when a class action suit is filed, whether Apple wins or loses, they lose money defending themselves (again, more money in lawyers pockets). This lowers their profits, which lowers their stock price...So, yes, can we sue lawyers for causing a depression of AAPL's stock price?

  1. \0

    Joined:

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    10/30, 03:01pm | report spam | Reply | delete

    Yes, sue the lawyers!

    If there is an attorney out there who would like to initiate a class action suit against the lawyers bringing this class action suit, I (as an Apple shareholder) will sign up! I get these notices weekly...

  1. \0

    Joined:

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    10/30, 10:18pm | report spam | Reply | delete

    Suit has merit...

    Yes it does. Although many of you blindly defend Apple, in this case they might be in the wrong.

    The suit alleges that Apple misrepresented Cube sales, giving them a positive spin when in fact the Cube was not selling well at all. This gave Apple execs time to unload millions of $$ worth of APPL stock, and then a few weeks later Apple broke the news of their first unprofitable quarter in years.

    If true, this is a serious SEC violation, and could be considered insider trading. The Apple execs may have lied to the public by saying that the cube was selling well, inflating APPL stock price long enough to dump their own shares before the bubble burst.

    Of course, the other side to it is that a corporation wants to hype products so that they sell, and this is a service to their stockholders. Anyways, whatever the outcome of the suit, it seems clear to me that a few execs at APPL dumped stock on insider knowledge prior to public announcement of poor sales and profits. This sort of white collar crime happens all the time and law enforcement agencies normally look the other way. Maybe not this time.

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