What's with all the lawsuits?

  • Posted: 03 November 2001 06:08 PM

    As Bryan reported today, another law firm is planning a class-action lawsuit against dear old Apple.  Frankly, I don’t see the point; the only thing these lawsuits ever accomplish is making money for the lawyers.

    It will be interesting to see what this does to AAPL.

         
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    Posted: 30 October 2001 03:08 PM #1

    It won’t surprise me to see these suits go nowhere, but perhaps someone who is more familiar with this aspect of trading stocks can offer some better input on that aspect.

    As for why the sudden interest from the scheisters, I suspect that they are all wanting a piece of the pie and are launching subsequent suits in order to attract a few participants in *their* name in order to get a percentage.

    MPJ posted a pretty good comment criticizing the lawsuit in the comments of our article.

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  • Posted: 31 October 2001 03:15 AM #2

    There are two possibilities, in my mind:

    1) Lawyers are slimy bastards who will go after anyone with money, and Apple is one of the few tech companies that is making money and well capitalized. Lawyers can smell out money like a trophy wife does, so Apple presents a good target.

    2) Some people decided to sell Apple short on the market, and the stock went up a bit, so these people need the stock to come down. I doubt this, but it wouldn’t surprise me if it were true.

     

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  • Posted: 31 October 2001 06:27 AM #3

    I say that if the allegations are true, some heads should roll. There is no excuse for what amounts to insider trading. It’s just too bad that the shareholders can’t go after the individuals mentioned in the complaint, instead of the whole company.
    -Dan

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  • Posted: 31 October 2001 06:54 AM #4

    Although I lost money on my Apple stock, I will be the last person to join one of these suits. The lawyers are trying to find their way into the $4.3 billion cash reserves Apple is holding. Everyone else is suing Microsoft for this and that, so there’s no money to be had there. So, these guys (and gals to be politically correct) see a cash cow that is untapped.

    Well guess what, we don’t want you, we don’t need you, and I hope the judges see you for the greedy little buggers that you are!

         
  • Posted: 31 October 2001 03:57 PM #5

    On 2001-10-31 10:27, Photodan wrote:
    I say that if the allegations are true, some heads should roll. There is no excuse for what amounts to insider trading….

    I agree that insider trading is wrong and that, if it did in fact occur, it should be prosecuted.  However, I believe the dramatic drop in AAPL was almost entirely a result of the economic situation.  Stocks are an inherently risky business, and one can’t go around suing people every time one’s stock goes down.

         
  • Posted: 31 October 2001 06:01 PM #6

    As a shareholder I was contacted by one of the firms in question, I plan to look into the matter but I do not believe I will be taking part in any legal action against Apple.  So far I have seen nothing to demonstrate to me that I should expect Apple to compensate me even though currently my holdings are less than half of the value I purchased them for.  I trust that over time as the economy recovers and the market stabilizes I will see just returns.  Currently I feel too many people are engaged in the stock market for the short term and are actually lowering the value of my investment, and I would feel much more just in taking part in action against them than against Apple.

         
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    Posted: 31 October 2001 08:33 PM #7

    I wonder if these sharks realized just how faithful the Mac faithful can be. 

    I have heard a few people now say that they wouldn’t participate in this suit despite having taken it on the chin.  Just an idle thought…

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  • Posted: 01 November 2001 06:51 AM #8

    Golly, now there’s a FOURTH suit against Apple.  I don’t quite understand—are all four groups suing Apple for the same thing?  Why are there four separate lawsuits?

         
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    Posted: 01 November 2001 12:02 PM #9

    As I am beginning to understand it, it’s a land grab.  Each of these firms will be trying to get as many plaintiffs as possible, and then when the suits get merged those firms will each get a piece of the pie. In other words, the firms that launch later are the biggest leeches of all.

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    Favorite (but less relevant than it used to be) Quote: Microsoft’s tyranny lies not in its success, but in the way it achieved and maintains that success.

         
  • Posted: 01 November 2001 01:10 PM #10

    Are there any records of substantial stock dumps?
    Any millions of shares by any owner(s) converted to cash around 9/20/00?
    If the price was halved by the 29th, and the price was intentionally inflated for the purpose of someone making money, can we see some numbers?

         
  • Posted: 01 November 2001 06:15 PM #11

    On 2001-11-01 16:02, Bryan wrote:
    As I am beginning to understand it, it’s a land grab.  Each of these firms will be trying to get as many plaintiffs as possible, and then when the suits get merged those firms will each get a piece of the pie. In other words, the firms that launch later are the biggest leeches of all.

    How depressing!  What a sad commentary on the flaws of American capitalism.

         
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    Posted: 01 November 2001 09:53 PM #12

    Capitalism brings out the best and worst of humanity,  This coming from a hardcore capitalist, too…  hmmm

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  • Posted: 02 November 2001 10:24 AM #13

    I’m all for capitalism, but I’d like to see it tempered with some good, ole’-fashioned ethics.

         
  • Posted: 03 November 2001 06:08 PM #14

    You can view the insider trading for about the past year   here .