IN RE APPLE INC. SECURITIES LITIGATION

CourtDistrict Court, N.D. California
DecidedMarch 29, 2021
Docket4:19-cv-02033
StatusUnknown

This text of IN RE APPLE INC. SECURITIES LITIGATION (IN RE APPLE INC. SECURITIES LITIGATION) is published on Counsel Stack Legal Research, covering District Court, N.D. California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
IN RE APPLE INC. SECURITIES LITIGATION, (N.D. Cal. 2021).

Opinion

1 2 3 4 UNITED STATES DISTRICT COURT 5 NORTHERN DISTRICT OF CALIFORNIA 6 CITY OF ROSEVILLE EMPLOYEES' 7 RETIREMENT SYSTEM, Case No. 19-cv-02033-YGR (JCS)

8 Plaintiff, ORDER GRANTING IN PART 9 v. MOTION TO COMPEL

10 APPLE INC., et al., Re: Dkt. No. 141 11 Defendants.

12 13 I. INTRODUCTION 14 This discovery dispute involves a subpoena duces tecum (“Subpoena”) seeking documents 15 from non-party Pegatron Corporation (“Pegatron Co.” or “Pegatron”), a technology manufacturer 16 with its headquarters in Taiwan. Pegatron has refused to comply with the Subpoena on the ground 17 that it was not served properly. It further asserts that the document requests in the Subpoena are 18 excessively broad and unnecessarily burdensome, and that to the extent the Court orders that it 19 comply with the Subpoena, the costs associated with producing the documents Plaintiff requests 20 should be shifted to Plaintiff. 21 As to the first issue, the Court finds that service of the Subpoena was proper. The Court 22 further finds that it is premature to resolve the second and third issues. While counsel point 23 fingers as to which side has allegedly failed to cooperate, both sides agree that there have been no 24 meaningful meet-and-confer discussions as to the scope of the document requests. Likewise, 25 Pegatron’s assertions regarding the expense of compliance consist of conclusory arguments and 26 speculation. Accordingly, the Court GRANTS in part the Motion to Compel and ORDERS lead 27 counsel for Plaintiff and Pegatron to meet and confer by Zoom video during the week of April 5, 1 intervention, the parties shall file a joint letter five (5) days after their meet and confer. The Joint 2 Letter shall not exceed five (5) pages, and shall, in addition to including each party’s position, 3 recite each party’s proposed compromise. 4 II. BACKGROUND 5 A. The Underlying Action 6 In this case, Plaintiff brings antitrust claims against defendants Apple, Inc. (“Apple”), its 7 CEO, Tim Cook, and CFO Luca Maestri based on allegedly fraudulent and misleading statements 8 Cook made on November 1, 2018 about sales of certain newly-released iPhone models. See 9 generally Revised Consolidated Class Action Complaint for Violation of the Federal Securities 10 laws (ECF No. 114) (“Complaint”). In the wake of the Court’s November 4, 2020 order on 11 Defendants’ motion to dismiss, Dkt. 123, the claims that remain in the case relate to the allegation 12 that Cook’s November 1, 2018 statements misrepresented the then-current state of iPhone sales 13 performance in Greater China, which was Apple’s most important growth market. Complaint ¶56. 14 In particular, the Complaint alleges, Cook falsely stated that Apple was not facing the negative 15 sales pressure in Greater China that the Company was experiencing in other emerging markets and 16 that iPhone sales there were very strong. Id. 17 In fact, the Complaint alleges, just days later the Nikkei Asian Review reported that 18 iPhone’s top iPhone manufacturers, Foxconn and Pegatron, were ordered to halt plans for 19 additional production lines, indicating a reduction in expected sales of “20% to 25%.” Complaint 20 ¶¶27, 68. The Nikkei Asian Review report and a series of reports that followed about declining 21 demand for the new iPhone models allegedly led to declining stock prices in November and 22 December 2018. Id. ¶¶ 68-81. On January 2, 2019, Apple pre-announced its first quarter FY19 23 earnings results, with revenue of $84 billion – far lower than the projected revenues of $89 billion 24 to $93 billion Apple had announced on November 1, 2018. Id. ¶¶82-83. In a “Letter from Tim 25 Cook to Apple Investors,” Cook attributed the shortfall to a sharp contraction of the iPhone market 26 in Greater China. Id. Plaintiff alleges that at the time Cook made the November 1, 2018 27 statements about iPhone sales in greater China, he and Apple knew that they were false. Id. ¶ 83. 1 B. The Subpoena 2 In the Subpoena, Plaintiff seeks documents for the time period February 1, 2018 through 3 January 31, 2019 responsive to the following requests for production: 4 REQUEST FOR PRODUCTION NO. 1: All documents and communications concerning Apple iPhone volume production plans, 5 forecasts, expectations, delays, reductions or cancellations, including such communications 6 between you and Apple or you and your suppliers of components used for Apple iPhone manufacturing or assembly. 7 REQUEST FOR PRODUCTION NO. 2: 8 All documents and communications concerning the analysis, monitoring or tracking of iPhone orders, pre-orders, sales or upgrades, including comparisons to any prior periods, 9 forecasts or expectations. 10 REQUEST FOR PRODUCTION NO. 3: 11 All documents and communications concerning economic conditions and consumer spending in Greater China and its impact on your production or assembly of Apple 12 smartphones or smartphones offered by Huawei, Oppo, Vivo and Xiaomi.

13 REQUEST FOR PRODUCTION NO. 4: 14 All documents and communications concerning any formal or informal contracts, agreements or arrangements for actual, expected, contingent or stand-by production 15 volume or capacity between you and Apple or you and your suppliers of components used for assembly of Apple products. 16

17 REQUEST FOR PRODUCTION NO. 5: All documents concerning communications with any securities analysts, financial analysts, 18 financial publications, news reporters or journalists concerning production of or demand for Apple’s iPhones, including reductions in volume or cancellation of production from 19 Apple. 20 Pfefferbaum Motion Decl., Exs, 10 – 11. 21 Plaintiff served the Subpoena twice. First, on December 14, 2020, Plaintiff served a 22 subpoena directed to “Pegatron Corporation” at 2811 Laguna Boulevard in Elk Grove, California 23 (“the Elk Grove address” or the “Elk Grove facility”) by leaving a copy of the Subpoena with 24 Sabrina Guinn, who describes herself as Director of Security at Pegatron on her LinkedIn page. 25 Pfefferbaum Motion Decl., Exs. 6 (Guinn LinkedIn page), 10 (Subpoena), 12 (Proof of Service). 26 According to Plaintiff, both Pegatron and its wholly-owned subsidiary PTSI operate out of this 27 address. Motion at 6. Plaintiff further represents that at the time this subpoena was served, no 1 Secretary of State. Id. 2 Next, on December 17, 2020, Plaintiff served the same subpoena on “Pegatron Corporation 3 d/b/a Pegatron USA, Inc. c/o Ing Tsau Chiu, 39510 Paseo Padre Parkway, Suite 380, Fremont, CA 4 94538” (“the Fremont address”) by leaving it with Rebecca Chen at that address. Pfefferbaum 5 Motion Decl., Exs. 11 (Subpoena), 16 (proof of service). According to Plaintiff, Pegatron USA, 6 Inc. (“Pegatron USA”) is a U.S. corporation wholly owned by Pegatron Co., id., Ex. 5 at 116, and 7 its registered agent is Ing Tsau Chiu. Id., Ex. 15 (California Secretary of State Statement of 8 Information for Pegatron USA, Inc.). 9 On December 29, 2020, counsel for Pegatron, the Structure Law Group, objected on behalf 10 of both Pegatron Co. and Pegatron USA and refused to produce documents in response to the 11 Subpoena. Id., Ex. 17. Counsel for Pegatron asserted that service of the Subpoena on Pegatron 12 Co. at the Elk Grove address was improper because “Pegatron Corporation is a Taiwanese 13 company not domiciled in the United Stated and is thus not subject to the jurisdiction of the 14 United States District Court for the Northern District of California.” Id. As to the Subpoena that 15 was served on Pegatron USA at the Fremont address, counsel objected on the grounds that the 16 requests were “vague, overbroad, and unduly burdensome” because they sought some information 17 that was irrelevant, the requests were not limited in time, and they used ambiguous terms and 18 phrases. Id.

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Bluebook (online)
IN RE APPLE INC. SECURITIES LITIGATION, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-apple-inc-securities-litigation-cand-2021.