Apple vice chairman, ex-officer held liable for $100 million in fraud suit

Article Abstract:

Apple's vice chairman and a former executive are held liable for almost $100 million in damages in a securities-fraud suit launched by Apple shareholders in 1984. The initial law suit accused Apple and several officers of making materially misleading statements in a 1982 press release about a disk drive under development at the time. Apple introduced the drive, known as Twiggy, in spring of 1983, but discontinued it by Sep 1983 causing company stock to drop 25 percent. A federal court in California exonerated Apple itself, but held liable for securities fraud A.C. Markkula, company cofounder and vice chairman, and John Vennard, who headed the company's peripheral division during the period in question. The jury findings hold Apple responsible for some $2.90 of the $8-a-share drop in company stock the day after it discontinued Twiggy. Apple claims the verdict was wrong and intends to appeal.

Electronic computers, Computers, peripherals & software, Cases, Laws, regulations and rules, Stocks, AAPL, Fraud, Disk drives, Product discontinuation, Apple Inc., Legal Issues, Lawsuits, Stock, Markkula, A.C., Jr., Vennard, John

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Microsoft earnings exceed expectations

Article Abstract:

Microsoft Corp. reported fiscal first quarter earnings of $2.19 bil up 30% from $1.68 bil for the comparable 1998 period. Revenues were $5.38 bil, up from $4.19 bil in 1998. Demand for new computers running the Windows operating system was up; the market in Asia showed an 82% increase. Microsoft shares closed at $86.3125.

United States, Prepackaged software, Computer Software, Software Publishers, Sales, profits & dividends, Computer software industry, Software industry, Software, Finance, Microsoft Corp., Company sales and earnings, Company earnings/profit

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