What to watch for in the second round of SEC hearings
Stansberry Investment Advisory is one of the largest institutional investors in the United States and it is suing Apple Inc. in the Federal Trade Commission (FTC) over the iPhone maker’s allegedly deceptive practices.
Stansberry, which is based in New York, filed its first complaint against Apple earlier this year.
Its complaint accuses Apple of engaging in “a pervasive pattern and practice of misrepresentation” in its iPhone marketing campaign.
Stansberries complaint is one among many against Apple in the past two years, as other investor groups and analysts have questioned the accuracy of Apple’s claims.
Apple has repeatedly insisted that it is in compliance with the FTC’s rules and that it has been providing its customers with the best smartphones and tablets in the market.
The FTC has also accused Apple of violating antitrust laws by promoting its iPhone models in countries where its products are not widely available.
Apple declined to comment.
The company’s complaint, which was filed Monday in the U.S. District Court for the Southern District of New York (New York), was filed in response to a subpoena issued by the FTC in April, according to the company.
The case has not yet been ruled on by the court, which could take up the issue as early as next month.
Stays up on the SEC’s iPhone trial