Investor Sues Apple Inc (NASDAQ:AAPL) Board Over Conspiracy Against Shareholders

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By Athena Yenko | April 3, 2014 5:17 PM EST

In an announcement made on Thursday, the Shareholders Foundation said that an investor in shares of Apple Inc. (NASDAQ:AAPL) lodged a case against the board of directors of Apple Inc for allegedly breaching fiduciary duties. Such breach brought damages to Apple Inc. and its stockholders, the announcement said.

According to the lodged complaint, Apple Inc's board of directors was involved in an alleged conspiracy to "fix tech industry wages, and thereby exposing Apple Inc to billions in potential wage restitution."

"More specifically, the plaintiff claims that the defendants allowed Apple Inc to enter into allegedly illegal and secretive agreements with numerous other companies located in Silicon Valley to eliminate hiring competition and drive down employee wages and the discovery of these agreements has instigated several employee class action lawsuits and subjected Apple Inc to billions of dollars in potential restitution, penalties, and fines," the announcement said.

In other news, Gene Munster of Piper Jaffray believes that investors should buy Apple Inc. (NASDAQ:AAPL). He said that Apple Inc. is expected to announce a higher share repurchase program and quarterly dividend for its Q2 earning report on April 23.

"We think that buy side expectations for the impact of iPhone 6 and new product categories are relatively low, suggesting upside to shares if the products ultimately are more meaningful. Worst case it seems that an in-line product cycle would mean that shares do nothing," Jaffray wrote on Wednesday.

Mr Munster wrote that for the June quarter, Apple Inc will meet expectations of 10 per cent growth year per year. However, this growth "will be largely ignored" as investors were more focused to see new product launches.

Mr Munster predicted that Apple Inc's March quarter will reflect revenue of $42 billion to $44 billion as what was forecast by the company. Munster noted a precedence to Apple Inc's "realistic" prediction to always end in a high note.

Meanwhile, Apple Inc. (NASDAQ:AAPL) real time quotes as published by NASDAQ OMX, April 3, is at $542.35, up by 0.13 per cent; today's high at $543.47, today's low at $540.26; 52 week high at $575.13, 52 week low at $385.10.

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