Apple has been slammed with yet another class action suit alleging the company issued misleading statements regarding its business.
The law firm in the suit, filed in the Washington court, is Cauley Geller Bowman and Coates. It covers the period July 19 to September 28, 2000. A copy of the full complaint is available from the court and online.
Once again, the complaint alleges that Apple and its officers issued false and misleading statements regarding its business and financial condition. The company's iMac, Power Mac G4 dual processor and G4 Cube are all named as models the company issued misleading statements about. The company is charged with having claimed the product-development cycle was complete, that they were ready for mass production and would be available in quantity.
Stock up The suit alleges that Apple claimed it expected strong revenues in its fourth 2000 quarter and the first quarter of 2001. The company's stock climbed to $64, at which point four company officers sold $22 million worth of the stock. 20-25 trading days later, Apple revealed a huge revenue shortfall; following this news, Apple's stock lost $10 billion market capital and its shares fell as low as $13.
The law firm says: "If you bought the securities of Apple between July 19 to September 28, 2000 inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than December 17, 2001. If you are a member of this class, you can join this class action online at classlawyer.com/sign_up.html. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller Bowman & Coates, LLP or other counsel of their choice, or may choose to do nothing and remain an absent class member."