Apple (AAPL) Subject of New Suit for Alleged... Fraud?
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Price: $316.22 --0%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.4%
Revenue Growth %: +15.8%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.4%
Revenue Growth %: +15.8%
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Apple Inc. (Nasdaq: AAPL) is trading lower following reports that it might be in for another lawsuit.
This one, however, is a little different.
According to Shanghai Daily, noted Chinese consumer rights activist, Wang Hai, is suing Apple over claims it sold refurbished iPhones under the premise they were new.
Filing a lawsit in the Beijing Xicheng District People's Court, Hai cites two consumers in the case. Both the customers said they bought an iPhone on July 9th for about $783 each. Warranty period's on Apple's iPhone should last a year, but upon searching Apple's website with their serial numbers, the two found that their warranties were set to expire on January 28th and April 26th of 2012...much less than the anticipated warranty period.
Hai alleges that this proves the phones were refurbished.
An assistant to Hai said the cases weren't rare, and their hotline has been ringing off the hook with similar cases.
The plaintiffs are seeking return of their money, plus an additional $783, and all legal costs to be covered.
If the case is true, and Apple has been selling refurbs as new in China, who knows what the fallout and costs could be to Apple and its investors.
Apple is 0.7 percent lower Wednesday.
This one, however, is a little different.
According to Shanghai Daily, noted Chinese consumer rights activist, Wang Hai, is suing Apple over claims it sold refurbished iPhones under the premise they were new.
Filing a lawsit in the Beijing Xicheng District People's Court, Hai cites two consumers in the case. Both the customers said they bought an iPhone on July 9th for about $783 each. Warranty period's on Apple's iPhone should last a year, but upon searching Apple's website with their serial numbers, the two found that their warranties were set to expire on January 28th and April 26th of 2012...much less than the anticipated warranty period.
Hai alleges that this proves the phones were refurbished.
An assistant to Hai said the cases weren't rare, and their hotline has been ringing off the hook with similar cases.
The plaintiffs are seeking return of their money, plus an additional $783, and all legal costs to be covered.
If the case is true, and Apple has been selling refurbs as new in China, who knows what the fallout and costs could be to Apple and its investors.
Apple is 0.7 percent lower Wednesday.
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