Market Overview

Apple Sues Former Recycling Partner Over Theft Of 100,000 Devices: Report

Apple Sues Former Recycling Partner Over Theft Of 100,000 Devices: Report

Apple Inc (NASDAQ: AAPL) is suing waste manager Geep Canada over allegations that the latter resold products meant to be recycled, Apple Insider reports.

What Happened: More than 100,000 Apple devices such as iPhones, iPads, and Apple Watches are alleged to have been stolen by Geep Canada, according to Apple Insider, which cited The Logic (subscription required).

Geep hasn't denied the theft but filed a suit of its own — claiming it was three employees who purportedly stole the devices without the company's knowledge.

The Tim Cook-led company has taken the position that the three employees were senior management personnel, Apple Insider reported.

Apple reportedly discovered the theft after it audited Geep and found 18% of 103,845 devices supposed to be meant for recycling active on carrier networks.

Why It Matters: Apple filed its suit in January, while Geep countersued in July. The thefts pertain to the end of 2017 or the beginning of 2018, after which the Cupertino-based tech giant stopped working with the recycler, noted Apple Insider.

In September last year, Geep Canada merged with other companies to form Quantum Lifecycle Partners.

The consumer electronics company is seeking $22.7 million in damages, as well as full recovery of profits made from the resale of the devices, as per Apple Insider.

In July, Apple laid out the target of going carbon neutral across its supply chain within a decade. 

Microsoft Corporation (NASDAQ: AMZN) and, Inc (NASDAQ: AMZN) have pledged to go carbon neutral by 2030 and 2040 respectively.

Price Action: Apple shares traded 0.96% higher at $114.10 in the pre-market session on Monday.


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Posted-In: Apple Insider Apple Watch Geep CanadaNews Retail Sales Legal Tech Media Best of Benzinga

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