Shareholders file lawsuit against Apple

Apple Shareholder Lawsuit

Investors have filed a lawsuit against Apple alleging that the company’s various anti-poaching agreements ultimately hurt the company’s stock. The class action suit was filed last week by Apple shareholder R. Andre Klein and it alleges that the anti-poaching agreements then-CEO Steve Jobs put in place with Google, Intel and other companies were a breach of Apple’s responsibility to Shareholders. Klein says the agreements were misleading to investors and ultimately damaged the value of the company.

In total, there are four counts against Apple, as listed by Patently Apple:

Count I: Violation of § 14(a) of the Exchange Act against Defendants Campbell, Cook, Drexler, Iger, Jung, and Levinson.

Count II: Breach of Fiduciary Duty and Aiding and Abetting Breach of Fiduciary Duty against All Individual Defendants

Count III: Gross Mismanagement against All Individual Defendants

Count IV: Waste of Corporate Assets against All Individual Defendants

The suit follows a judge’s recent rejection of Apple’s proposed settlement.

Source:
Patently Apple
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