Apple, Nike Hammering Out FuelBand Lawsuit Settlement

26 Jul 2015 | Author: | No comments yet »

Apple Inc. And Nike Inc Settle FuelBand Lawsuit For $2.4 Million.

Apple Inc. (NASDAQ:AAPL) and Nike Inc. (NYSE:NKE) have finally settled a class action lawsuit regarding the wrongful advertising for Nike’s FuelBand. Ironically enough, both companies denied any wrongdoing, and stated that they would offer gift cards and cash payment to anyone who makes a claim for the inconvenience caused.

The case alleges that Beaverton performance apparel company mislead consumers on the actual ability and capacity of the wearable tech gadget’s consumed, and burned calories, as well the band’s ability to count, and track the users footstep, throughout the day. Furthermore, Business Finance News reports that Nike+ FuelBand users, who purchased the wearable gadget between January 19, 2012 and June 17, 2015, can file in a damage claim, latest by January 4, 2016. Moreover, the $15 cash and $25 gift card settlement, respectively, applies to nationwide FuelBand and Nike-owned stores in the US and Puerto Rico only. Furthermore, inspite of being named in the Lawsuit, Apple is noted to be excluded from the liability to pay any part of the settlement, as the two industry giants have previously collaborated on the fitness tracking bracelet.

Analysts are expecting the online retailer to report EPS of $0.829, which represents an increase of 196% from EPS of $0.28 for the same quarter last year. Consensus estimates for the revenue stands at $22.397 billion, which is slightly above the estimate of $22.37 billion at Earnings Whispers, however it is lower than the estimate of $22.4 billion at Estimize. However, user reviews indicate that most of them were highly disappointed and labeled it as a “crappy yard sale.” Analysts will be focusing on Amazon Web Services (AWS), which was the highlight of its previous quarter’s earnings announcement. He praised the service by saying that it is the leading cloud provider, with over one million customers, and having 10 times the combined capacity of all the other service providers.

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