The SEC has opened an informal investigation into Apple’s coy “disclosure” about Steve Jobs’ health, according to a Bloomberg report. The company’s stock gets rocked every time the Black Turtlenecked One sneezes, so the market has been seething over Apple first saying that Jobs had a treatable hormone imbalance and then a week later saying that he’d be taking a medical leave for six months.
There has been much speculation that Jobshealthgate would bring out the plaintiff bar, but as of yet no securities fraud suits have been filed. Legal Pad spoke with a couple of plaintiff lawyers who said that it would be a hard case to make unless facts emerge that the Apple board actually knew that Jobs would be leaving when they said he was OK.
We in the legal industry are jealous of Jobs’ power. How come no one cares if Larry Sonsini has an upset stomach?
— Zusha Elinson