Apple and its CEO Steve Jobs are being sued for allegedly hyping the introduction of products to inflate stock value.
A lawsuit has been filed by members of the Hawaii Structural Iron Workers Pension Trust Fund. The suit claims Jobs and Apple told investors that the G4 Cube and iMac computers would sell well, according to Bloomberg News.
The suit claims that Apple announced lower-than-expected iMac sales and G4 Cube production problems after company executives sold 370,000 shares for $22million.
William Lerach, of Milberg Weiss Bershad Hynes & Lerach Limited Liability Partnership, filed a 111-page complaint last week to a San Francisco federal court on behalf of members of the pension fund.
The suit seeks class status for investors who purchased shares between July 19 and September 28, 2000.