apple Local UK Council Taking on Apple in Court

[Ca11umH97]

Summary

Norfolk County Council in England is taking the tech giant to court, claiming that they mislead investors about handset demand in November 2018.

 

The council holds shares in Apple as part of an employee pension scheme.

 

Quotes

Quote

It alleges Apple boss Tim Cook made “false and misleading” statements on a call with analysts on November 1, 2018, when he said the company was not facing sales pressure in China.

 

By January, the technology boss admitted to investors the firm would miss its profit forecasts by about £6bn.

 

The county council has argued Mr Cook must have known in November 2018 the new iPhone was not selling as strongly as Apple had hoped.

 

My thoughts

Its seems Apple is in the courts a lot recently with the ongoing suit with Epic Games and the US monopoly investigations.

I feel that the pensions group working on behalf of the council (my council, I should add, not that it changes my opinion because they're pretty naff) would have to come up with some serious evidence that Tim Apple did anything wrong if it wants to compete with both Apple and the US court system.

 

Tomato Sources

 https://www.edp24.co.uk/news/politics/norfolk-county-council-suing-apple-1-6920108

[Trik'Stari]

Now if only they would notice all of Apple's false and misleading statements about what repairs are possible on their devices.

[Bombastinator]

A whole lot of organizations and individuals have Apple stock, and some of them are pretty shark like.  That the first group to notice a valid discrepancy would be such a group and it not happening at all for two whole years seems wildly unlikely to me.  Probability of an already decided “me too” thing seems high. 

[Bombastinator]

24 minutes ago, Trik'Stari said:

Now if only they would notice all of Apple's false and misleading statements about what repairs are possible on their devices.

“They” do so very very many things.  

[Kisai]

14 hours ago, Ca11umH97 said:

Summary

Norfolk County Council in England is taking the tech giant to court, claiming that they mislead investors about handset demand in November 2018.

 

The council holds shares in Apple as part of an employee pension scheme.

 

This is a non-story. Similar "stock holder complaints" happen a lot with municipal, union and teacher pensions.

 

I can't imagine someone at the council going "we should put the entire pension fund into Apple", it's likely they bough some stock recently and the price dropped and are now upset about it.

 

[vorticalbox]

21 hours ago, Ca11umH97 said:

would have to come up with some serious evidence that Tim Apple did anything wrong if it wants to compete with both Apple and the US court system.

In this case wouldn't apple have to prove it didn't mislead investers?

[Bombastinator]

5 minutes ago, vorticalbox said:

In this case wouldn't apple have to prove it didn't mislead investers?

Could be a non US court. It isn’t specified. It’s a 2 year old issue and Apple has a LOT of investors.  That this group thinks this has not been simplified to a problem already solved implies something.  I’m not sure what though.