Lawyers in Oakland, California would ask from a jury to find Apple Inc. (NASDAQ:AAPL) in violation of Anti-trust laws by locking customers to iTunes and owe to them $1 billion. This could bring to an end the decade old case that has seen testimonies from Steve Jobs from 3 months prior to his death. Lawyers representing 14 million consumers would try to prove to the jury that Apple Inc. (NASDAQ:AAPL) took advantage of its stature and tried cornering the music distribution business.
Lawyers have accused the company of being having a monopolistic view by trying to tie consumers who had purchased iPods between 2006 and 2009 to its iTunes software and also making the devices unable to be used with other music distribution companies. Lawyers would also bring up the case of Real Networks which was accused by Apple Inc. (NASDAQ:AAPL) of being able to “jail-break” the iPod software and allow users to download music into the devices apart from the iTunes store. Emails between Steve Jobs and other close confidants would also be displayed, with lawyers trying to prove that the head of the company thought of himself to be above the law and openly engaged in anti-competitive practises.
Apple Inc. (NASDAQ:AAPL) has been in a strong uptrend over the past year but is now showing signs of a reversal. Though, analysts on the street continue to remain highly bullish about the stock. In a recent report released by analysts at Barclays, the company’s rating was upgraded to overweight and the price target hiked to as high as $140. Though, the disappointing sales numbers, coming out of Black Friday and the Thanksgiving weekend would have a negative effect on the stock in the near term. Apple Inc. (NASDAQ:AAPL) shares were lower by close to 1 percent in premarket trade today.