Shareholder sues Apple directors and estate of Steve Jobs over anti-poaching agreements
us to a rather ridiculous class action lawsuit filed by an Apple shareholder against Apple directors and the estate of Steve Jobs. The lawsuit stems from the no-poaching agreements Apple tacitly entered into with a number of other big-time tech companies in the mid-2000s.
While the actual Silicon Valley employees affected by the allegations are already engaged in a class action suit against Apple and others, this particular suit is bizarre to the extent that the plaintiff has no connection to any party involved, save for his collection of Apple shares.
The lawsuit reads in part:
This is a shareholder derivative action seeking to remedy the wrongdoing committed by Apple's senior directors and officers who have caused millions of dollars in damages to Apple and its shareholders. Plaintiff asserts claims under federal law for violations of Section 14(a) of the SEC Act of 1934... and under state law for breach of fiduciary duty, gross mismanagement, corporate waste, and breach of the duty of honest services.
As opposed to affected class members currently involved in ongoing litigation over the very same matter, it's a strain to comprehend just where the plaintiff's damages lie. Apple's stock is near an all-time high and the Apple brand is no more tarnished than it's been by any other lawsuit. I wouldn't be surprised to see this case dismissed rather quickly.
AppleInsider has posted the full 77 page complaint which you can view below.
Shareholder Derivative Complaint
