Saturday, October 6, 2001
Hawaii pension fund sues Apple ComputerSan Francisco >> Apple Computer Inc. and its chief executive, Steve Jobs, are accused in a lawsuit of hyping the introduction of the G4 Cube and iMac personal computers to keep the computer maker's stock price high. Jobs and executives at Apple told investors the line of colorful personal computers introduced in July 2000 would sell well in the education market when they knew the products had defects, members of the Hawaii Structural Iron Workers Pension Trust Fund allege in court papers.
After four top executives sold 370,000 shares for $22 million, Apple revealed that G4 Cube and iMac computers had production problems and sales of the computers in the primary and secondary education market shrank in the fourth quarter of 2000, according to the complaint filed in San Francisco federal court last week. The suit seeks class status for investors who purchased shares between July 19 and Sept. 28, 2000.
In other news ...City Bank has formed a commercial and office leasing department as part of a plan to expand services for business customers. The local bank named local leasing executive Garret Takata as vice president and leasing manager of the new department. The moves comes several months after City Bank created its own trust division to augment its commercial and retail lending operations. City Bank, a unit of CB Bancshares, operates 21 branches statewide and lists assets of $1.7 billion.