Cube flop: Did Apple know in advance?
Apple knew that the Cube and iMacs launched in July 2000 would have had no chance of success but were introduced equally to avoid the immediate collapse of the title; for this reason, shortly before their launch, some executives liquidated part of their shares. With this accusation, an American pension fund, the Hawaii Structural Iron Workers Pension Trust Fund, sued the company, in the person of its CEO Steve Jobs, with the He accused of mystifying the real prospects of the products. The complaint was made public yesterday by some financial sites, including Bloomberg, which adds more details to the affair. According to Bloomberg, the lawyers of the Jobs pension fund and Apple managers would have officially declared to investors that both the Cube and the iMac line of July 2000 (including the iMac Snow, Ruby and Siege) would have been very popular in the educational world, inducing those who owned shares to maintain them and in some cases even to buy new ones. In reality Apple, according to the prosecution, knew the defects that would then manifest themselves and the proof would be in the fact that only shortly before the announcement of the same and of profits lower than expected four managers of Cupertino sold 370,000 shares, for a value $ 22 million. "Jobs and the other managers – reads the 111-page document – knew that unless they convinced investors that they were about to present new and innovative products, Apple's shares would continue their descent, putting Jobs in difficulty and costing him and the other managers millions of dollars "The lawsuit is managed by the William Lerach studio of Milberg Weiss Bershad Hynes & Lerach LLP; all those who purchased Apple shares from 19 to 28 September 2000 can join.