“Will Apple get sued over how it has handled disclosures of Steve Jobs’ health?” Brian Caulfield asks for Forbes. “With Apple’s stock down 6.42% in after-hours trading Wednesday, it’s starting to look like a real possibility.”
MacDailyNews Note: AAPL is currently down $3.15, or -3.69%, to $82.18.
Caulfied continues, “Apple is on uncertain ground… Federal law does not require corporate leaders to tell the world they’re gravely ill. ‘A CEO wouldn’t necessarily have liability if he knows he’s very ill and says nothing,” says John Coffee, the Adolf A. Berle professor of law at Columbia University. ‘The anti-fraud rules say tell no material lies, they don’t say tell the whole truth on a regular basis, and at certain quarterly moments you have to add certain kinds of disclosure.'”
Caulfied reports, “Steve Jobs, however, could be different. ‘If you see the market significantly decline [on Thursday] it will suggest that his health and his status are material to the stock price,’ Coffee says. ‘If there was a material misstatement and a significant market loss we can count on plaintiff lawyers testing that.'”
Full article here.
Please… lawsuits against Apple are a daily occurrence and can be based on complete drivel. Its the new American Way… find someone with deep pockets and sue away.
The American legal system is truly in a deplorable state. (I say this as a practicing lawyer.)
Give me a break..
QUICK LETS THINK OF A REASON PEOPLE WILL READ OUR ARTICLE……….
“THIS JUST IN!!!!! STEVE JOBS HEALTH MAY BE RELATED TO ALIEN ABDUCTION!!!”
excerpt from article:” During a recent trip to Roswell, New Mexico, CEO of Apple Steve Jobs went missing for 2 hours. Reports say at the same time 3 large lights were seen in the sky near his hotel, however when questioned Steve Jobs only remembers watching a movie on his iPhone.”
I hope Steve recovers and kicks butt further, but I don’t buy Steve products and invest in Steve, I buy Apple products and invested in AAPL.
Steve could give a long-term vision order from the grave and Apple’s board would still follow it.
Nothing is broke and everything is in place for the next 10 years. A great time fo buy AAPL more longterm.
“Will Apple get sued over how it has handled disclosures of Steve Jobs’ health?”
**************************************************
Apple only knew the same thing we all knew. Even Jim Goldman confirms it. The only thing he questions whether Jobs lied about his health nine days ago.
In terms of shares’ price, no matter what and how Apple or Jobs would handle it, those would fall since nothing would change the fact than Steven Jobs is ill.
So there is no sense to discuss how much poor or not Apple handled the matter.
And there is no sense for Goldman to attack Steven Jobs as if he is established liar in this matter while there are very high chances that for such complicated matter as Steven’s health could be specialists indeed could come up with another reason during last why he has his condition.
So, *as of now*, there is nothing for what Jobs or Apple has to be blamed, except for the case if it is possible to blame him for becoming sick.
Correction of a paragraph:
“And there is no sense for Goldman to attack Steven Jobs as if he is established liar in this matter while there are very high chances that for such complicated matter as Steven’s health could be, specialists indeed could come up with another source of his condition during last few days.
They’ve got to be kidding.
Jobs announced he had Pancreatic Cancer in 2004.
What the hell would anyone sue Apple over concerning Jobs & Co not informing shareholders?
Any lawsuit over this issue would be ludicrous!
(Gee. I didn’t know Pancreatic Cancer could make you very sick…)
Leave Jobs & Co alone. He’s going through enough.
If Apple has liability of their reporting of Steve Jobs health and it’s effect on their stock price, then the media outlet who printed his obituary a few months ago while he was still alive (which negatively impacted the stock) is liable also. Let the lawsuits fly.
Of course there will be a law suit.
Look at the idiots in New York who sued because of the stock back dating scandal, even though at the time they we not negatively impacted.
They’ve got to be kidding.
Jobs announced he had Pancreatic Cancer in 2004.
What the hell would anyone sue Apple over concerning Jobs & Co not informing shareholders?
Any lawsuit over this issue would be ludicrous! don’t people know what Pancreatic Cancer is? C’mon!
(Gee. I didn’t know Pancreatic Cancer could make you very sick…)
Leave Jobs & Co alone. He’s going through enough.
They will try to sue but they will never get a dime. People need to start judging a company by the goods and/or services they produce. Yes, Jobs is an icon and has a cult following but what other company has to give medical updates about their CEO or any executive. It was clear back when Jobs was recovering from surgery that Apple had a succession plan that revolved somewhat around Tim Cook and the same can be said now. People were crying for a succession plan and now they get to see it. And now they’re still going to cry. Apple is damned if they do and damned if they don’t. If Jobs was the lead programmer or designer and his knowledge directly impacted future products then I could see there being an argument. But come on. Apple has thousands of qualified employees and the BEST executive team in the industry. And now people are dumping stocks? That is asinine! So let’s say the shares that you bought at $130 are now trading at $80. What are you going to do with that -$50? Put it into some Microsoft or Dell? This is ridiculous! I’m laughing with my broker over the phone telling him to buy.
Q: What do you call a bus full of lawyers going over a cliff?
A: Not nearly enough of a good start.
Time for the new Holocaust, starting with the lawyers. Then we’ll move on to the other scammers- insurance agents and dentists.
Phokk those investors. These are probably the same bright boys who invested with Madof and hyped up the oil and bank notes just before the collapse. Name another American company that still commands prestige and respect for its brilliant products and fiscal soundness. As long as I and my household keep buying Apple products, the investors should shut the phokk up.
The analysts were saying Apple would lose 20+% in value if Steve left. Well I guess now it is really about 5%. The confidential medical opinions changed. We were informed as it progressed. Can someone sue over that?
I’m an attorney, and I loved your joke!
Personally, I can’t stand attorneys because most of them lack any character or morality (even though they think so).
Keep that bus going faster!!!!