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Even if many people only think of Steve Jobs' speedy recovery, members of the legal and investment communities believe his disclosure on Wednesday will most likely open Apple to lawsuits from shareholders unhappy with the recent secrecy over his uncertain health condition.
Investors might choose to litigate if they feel misled or cheated by Apple's tight-lipped policy on discussing Jobs' health issues. It will be very interesting to follow the process, and that's because such lawsuits would be new territory for a judge to navigate, as the law is unclear on what personal medical information a company must disclose about members of its top brass.
All of this started when Jobs managed to hide for 9 months that he fought with cancer, eventually sharing the information with shareholders. He returned to work full-time only a few months later, and since then there's been a dilema: on one hand, he's entitled to privacy just like anyone else, but on the other, he's basically invaluable to Apple, as he carries a tremendous influence on the company's shares.
This year, Jobs appeared overly gaunt at the annual Apple developers conference, and stories about his health once again appeared. A report from last June suggested that Jobs may be worth more to Apple than any other CEO in the world. For example, if he would abandon his leadership position, the company's market cap would enter a $20 billion free-fall.
It's clear that if unhappy investors open a lawsuit against Apple, it would be a premiere, and such cases are very difficult to prove, but you can never know how the shareholders can react to Apple's tight-lipped approach to Jobs' well-being.
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