Apple sues recycling firm for stealing and reselling 100,000 iPhones, iPads and Watches

Apple is suing former recycling partner GEEP Canada — now a part of Quantum Lifecycle Partners — for allegedly stealing and reselling at least 103,845 iPhones, iPads and Watches that it was hired to disassemble. “At least 11,766 pounds of Apple devices left GEEP’s premises without being destroyed – a fact that GEEP itself confirmed,” reads a portion of Apple’s complaint, as reported by The Logic (via AppleInsider).

Apple sent the recycling firm over 500,000 iPhones, iPads, and Apple Watches between January 2015 and December 2017, according to The Logic’s report. When Apple did an audit, it discovered 18 percent of those devices were still accessing the internet through cellular networks. That 18 percent doesn’t count Apple devices without a cellular radio, so it’s possible an even higher percentage of the gadgets were resold.

Apple seeks to obtain at least $31 million Canadian dollars (roughly $22.7 million USD) from its former partner. The recycling firm denies all wrongdoing, but it doesn’t deny there was a theft — it has reportedly filed a third-party suit claiming three employees stole the devices on their own behalf. Apple disagrees, arguing that these employees were in fact senior management at the recycling firm, according to The Logic.

Apple’s recycling robot

Apple’s recycling robot Daisy can disassemble nine different iPhone models to recover valuable materials.
Image: Apple Newsroom

Last year, humans left behind a record amount of e-waste adding up to 53.6 million metric tons of discarded phones, computers, appliances, and other gadgets. Like other tech companies, Apple has been trying to improve its environmental practices, including an effort to move recycling in-house with its own disassembly robots Daisy and Dave, which are designed to recover iPhone components that traditional recyclers can’t.

However, the company still relies on other partners to recover valuable material from

Is the IPO Market Stealing Big Tech’s Thunder?

Investors were dumping FAANG stocks again Friday and there just may be some very plausible explanations as to why that’s happening after an apparent rebound from a correction over and done with.

FAANG stocks fell 13% in a span of several weeks in September. Valuations were in re-rate mode as at-home growth services like cloud computing, data center storage, e-commerce and streaming may have seen a massive demand pulled forward from later years in the maturity cycle of these businesses. Friday, FAANG stocks were down more than 2% by 2:15 PM EDT. Cyclical stocks, on a day which employment figures missed estimates and caused some investor anxiety in the morning about the speed of the economic recovery, mostly rose. And the 10-Year Treasury yield rose to as much as 0.70% from 0.67%. That indicates growing inflation expectations, which indicates a recovering economy and means investors do not have to take risk with high-multiple growth stocks, as some beaten value stocks like airlines and restaurants can move up with the economy.

Yet Friday’s sell-off was all about tech.

Here’s one potential explanation:

“People are looking to fund some of the other [trades],” by selling large cap tech stocks,” Marc Preffer, chief investment officer at CLS Investments told TheStreet. “The IPOs the last couple of weeks — it’s possible you’ve been seeing other technology stocks go down and they [investors] are just looking to make room for purchases. The first place people go for that [funding other stock purchases] — selling some of the old tech and into these new technology companies.”

The pressing question on FAANG stocks the last few years — all risk factors considered — has been whether their outperformance can continue, whether the premium near-term earnings growth relative to value sectors will be outweighed by their maturing disruptive