In Re Apple Computer, Inc., Securities Litigation
Opinion
Opinion
Wilken, J.
ORDER GRANTING DEFENDANTS’ MOTION TO DISMISS
In this class action, Plaintiffs allege that Defendants engaged in a fraudulent scheme to inflate the value of Apple Computer, Inc. (Apple) stock. In furtherance of this scheme, Defendants allegedly lied about the company’s sales operations and new products. Defendants Apple Computer, Inc. and Steven P. Jobs have filed a motion to dismiss Plaintiffs’ consolidated complaint (CC) pursuant to Rules 9(b) and 12(b)(6), Federal Rules of Civil Procedure. Plaintiffs oppose this motion. The matter was heard on September 13, 2002. Having considered the papers filed by the parties and oral argument on the motion, the Court GRANTS Defendants’ motion.
BACKGROUND
Plaintiffs represent a class of all purchasers of Apple common stock between July 19, 2000 and September 28, 2000 (the class period). Defendants are Apple and Steven P. Jobs, Apple’s chief executive officer (CEO) during the class period. Plaintiffs allege and Defendants have not disputed that Jobs controls Apple and is a .controlling person under section 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. § 78t(a). CC ¶¶ 1-2,18.