Intel, Apple, Google and Adobe Will Pay $415 Million to Settle Hiring Conspiracy Suit
Jan 21 15
Apple, Adobe and Google agreed to a $415 million settlement, $90.5 million more than a previously rejected accord, to end an embarrassing chapter of litigation showing how they and other Silicon Valley companies conspired to avoid hiring one another employees. The agreement, first disclosed Jan. 13, requires the approval of U.S. District Judge Lucy H. Koh in San Jose, Calif., who in August rejected the initial $324.5 million accord on grounds it didn't offer enough money for affected workers. Koh said the companies should pay at least $380 million given ample evidence of antitrust violations that might result in damages of more than $9 billion if the case went to a jury. For the companies, approval of the new accord would avoid the risk of a trial scheduled for April and finish off a 2011 lawsuit that produced troves of internal e-mails detailing anticompetitive agreements among the chief executive officers at technology giants. One of the objections to the original settlement was filed by former Adobe employee Michael Devine, who left the company in 2008 and was a lead plaintiff in the case. Devine lawyer, Daniel Girard, argued that if workers lawyers hadn't initially agreed to settle for an average payout of about $3,572, they could have won damages at trial of as much as $141,331 each.
Apple, Adobe, Google and Intel Close to Settling Lawsuit over Poaching Employees
Jan 14 15
Apple, Adobe, Google and Intel have agreed to a new settlement deal to resolve an antitrust class action lawsuit filed against them. The lawsuit, first filed in 2011, accused the firms of limiting job mobility. The new settlement will likely total at least $380 million, according to US District Judge Lucy Koh, who is presiding over the case. Evidence of collusion between the four companies was presented in the form of emails between Apple co-founder Steve Jobs, former Google CEO Eric Schmidt and other executives, which outlined plans to stop poaching each other's employees. The companies involved have not yet commented on the agreement, but a court filing that will be published imminently will shed light on the details of the settlement.
Adobe Systems Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended November 28, 2014
Dec 11 14
Adobe Systems Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended November 28, 2014. For the quarter, the company reported net income of $73,292,000 or $0.14 diluted earnings per share on revenue of $1,073,328,000 against net income of $65,320,000 or $0.13 diluted earnings per share on revenue of $1,041,699,000 a year ago. Operating income was $105,005,000 and income before income taxes was $92,775,000 against operating income of $102,836,000 and income before income taxes of $88,270,000 a year ago. Non-GAAP net income was $180,257,000 or $0.36 diluted per share against $164,604,000 or $0.32 diluted per share a year ago. Non-GAAP operating income was $240,746,000 against $224,387,000 a year ago. Cash flow from operations was $400 million.
For the year, the company reported net income of $253,551,000 or $0.50 diluted earnings per share on revenue of $4,147,065,000 against net income of $289,985,000 or $0.56 diluted earnings per share on revenue of $4,055,240,000 a year ago. Operating income was $393,185,000 and income before income taxes was $341,876,000 against operating income of $422,723,000 and income before income taxes of $356,141,000 a year ago. Net cash provided by operating activities was $399,932,000 and purchases of property and equipment was $36,775,000 against net cash provided by operating activities of $314,982,000 and purchases of property and equipment of $35,121,000 a year ago. Non-GAAP net income was $658,433,000 or $1.29 diluted per share against $689,729,000 or $1.34 diluted per share a year ago. Non-GAAP operating income was $885,924,000 against $935,349,000 a year ago.