Boston, MA 05/31/2014 (wallstreetpr) – It is a disappointing and disgraceful phase for a leading company like Apple Inc. (NASDAQ:AAPL) to lose a “last-ditch” attempt to confront a verdict that millions of e-book purchases could sue the company as a group. It has thereby set the stage for a trial where it faces allegations by users for as much as $840 million in price-fixing reparations.
U.S. Court of Apple’s rejected Apple’s petition:
The U.S. Court of Appeals in New York on May 28, 2014 rebuffed Apple Inc. (NASDAQ:AAPL)’s plea to challenge the ruling before the trial scheduled for July 14. Last year, U.S. District Judge, Denise Cote in Manhattan reached the conclusion that Apple breached antitrust laws in its deals with e-book publishers.
In March, customers in 23 states as well as territories were permitted to litigate Apple as a group. The ruling came following a nonjury trial in antitrust cases lodged by the U.S. Justice Department along with 33 territories and state.
Customers can file a case in group:
The Justice Department wanted corrective orders in the case and did not request for damages. Denise Cote stated that customers in the territories and states that were not part of the trial may follow their litigations together as a unified action that permits plaintiffs to congregate resources.
Apple’s comments:
Apple Inc. (NASDAQ:AAPL) mentioned in its application to the appeals court that the judge’s verdict would lead to a boon to millions of users who were not hurt. California based company did not reply promptly to an email seeking its comment on the decision. An advocate of Apple, Ted Boutrous, also did not respond instantly to call to his office asking for his comment.
iPad losing favour:
It has been observed that Apple’s tablets, iPad, is losing its sheen and favour with users who are rather choosing smartphones with bigger screens. It is thereby exerting pressure on Apple Inc. to address to these evolving preferences.
New acquisition:
Apple Inc. (NASDAQ:AAPL) agreed to purchase Beats Electronic LLC in return of $3 billion, its largest acquisition.
The deal indicates that CEO of Apple, Tim Cook, is keen on using the company’s $150.6 billion in cash more assertively. The acquisition is expected to take place in the quarter that ends in September.
