Apple Inc. (NASDAQ: AAPL) was hit with a copyright penalty in China. The Xinhua news agency reports:
A Beijing court ruled against Apple Inc. in a copyright dispute on Thursday, saying the company must pay a fine for selling unlicensed electronic versions of books online.
The Beijing No. 2 Intermediate People's Court ordered Apple to pay a total of 1.03 million yuan (165,908 U. S. dollars) to eight Chinese writers and two companies for violating their copyrights.
The plaintiffs said they spotted applications containing unlicensed electronic versions of their books available for download last year, adding that the books were downloaded in great quantity, resulting in large economic losses for their authors, their lawyer said.
Apple shares are fractionally lower in premarket trading this morning to $512.00. The 52-week trading range is $400.51 to $705.07, and analysts have a mean price target of $741.38 on the shares.
Douglas A. McIntyre
Filed under: 24/7 Wall St. Wire, China, Law, Technology Companies Tagged: AAPL