Apple Defies Investor Pressure Over Jobs' Departure
Law360
August 25, 2011
Tracy A. Nichols- Miami
Securities Litigation Practice Group Leader Tracy Nichols was quoted in a Law360 article titled "Apple Defies Investor Pressure Over Jobs' Departure."
The article reports that although attorneys expect some shareholders will make a run at Apple and its board of directors over Steve Jobs' resignation, they see little chance for success. Securities laws do not specifically require the disclosure of an executive's illness, and a shareholder would find it difficult to prove such a duty exists. "Securities law doesn't require you to disclose all the interesting facts that people would like to know," said Ms. Nichols. She also pointed out that Apple directors could argue that revealing details about Jobs' conditions and their plans for a successor might have done more harm to shareholder value than keeping the information quiet. "There is no certainty about how a medical condition might play itself out," she said. "Those who clamored for more disclosure six years ago, frankly, turned out to be wrong."
To read the full article, please click here.
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