Apple iPad: Secrets from the Insider Trading Case
Apple Inc. is a major actor in one of the most intriguing sections of the government’s 39-page complaint against four men arrested and charged in a massive sting of insider trading.
Secrets about tech companies are a major feature of the insider trading charges unveiled so far. Companies including AMD, Dell, Research in Motion, Marvell, Western Digital, Taiwan Semiconductor, Sierra Wireless and Broadcom allegedly had secrets leaked about them — including revenue and sales forecasts.
The alleged secrets passed about Apple products and product sales came courtesy of a business development official at Flextronics, Walter Shimoon, according to the government’s legal complaint released today. The government said Flextronics had business dealings with Apple, including supplying parts such as the camera and charger components for the iPhone and iPod.
Shimoon, according to the insider-trading charges, gave an unnamed government witness a secretive chat about a brand new Apple device in the works. The conversation took place in Oct 2009, nearly four months before the introduction of the iPad.
