uh oh, cider
you spoke the unspoken. :-)
Was there non-public disclosure of material facts or information at the private analyst briefing? Of course there was. But they know what they're doing and make sure it's done in a way that keeps them in the confines of the grey area on technicalities. Besides, they've got a VP of legal affairs soaking up $30-$40 million a year in options bonanza who'll stand in front of a bus for them if it comes to that.
Are they in violation of the spirit of Ref FD? Sure they are. Are they technically in violation? I suspect if a really sharp shareholder suit was filed, they'd be forced to settle and make some modifications to the way they do business. Could they hang up a shareholders suit in a morass of legal proceedings if anyone squawked about it? No doubt.
It's a shame. But that's the way it's been for quite some time. And Apple is certainly not among the worst on this. Far from it. IMO, it's pretty much average.
But hey, if it's any consolation, even UBS' analyst team was downstream of the first people who got leaked the information about sales patterns. Heck they were left in the dark long enough they finally had to get on a plane and fly to California to get squared away. That doesn't happen unless they're getting broadsided by someone else they suspect is eating their clients' lunch.
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