April 1, 2014 (Shareholders Foundation) - An investor in shares of Apple Inc. (NASDAQ:AAPL) filed a lawsuit against members of the board of directors of Apple Inc. over alleged breaches of fiduciary duties that caused damages to the company and NASDAQ:AAPL stockholders.
The plaintiff alleges that that Apple Inc’s board of directors is responsible for participating in an alleged conspiracy to fix tech industry wages, and thereby exposing Apple Inc to billions in potential wage restitution. More specifically, the plaintiff claims that the defendants allowed Apple Inc to enter into allegedly illegal and secretive agreements with numerous other companies located in Silicon Valley to eliminate hiring competition and drive down employee wages and the discovery of these agreements has instigated several employee class action lawsuits and subjected Apple Inc to billions of dollars in potential restitution, penalties, and fines.

Apple Inc. reported that its Total Revenue rose from over $156.50 billion for the 52 weeks period that ended on Sept. 29, 2012 to over $170.91 billion for the 52 weeks period that ended on Sept. 28, 2013, while its Net Income for those respective time periods declined from over $41.73 billion to over $37.03 billion. Shares of Apple Inc. increased from $398.07 per share in June 2013 to as high as $570.09 per share in late December 2013.

On April 1, 2014, NASDAQ:AAPL shares closed at $541.65 per share.