According to reports Apple is facing several lawsuits including federal lawsuits which where just disclosed on Friday.
Apple is stated to control about 75% of the market for downloaded music, but this may change in 2007 for the company. Analysts predict that rival services will start to consume Apple’s portion.
The company along with some of its current and former officers are also facing lawsuits for a number of security class action lawsuits including false financial statements and backdated stock option grants which failed to properly account for those grants. A company named PhatRat Technology filed a lawsuit Oct. 24 in the U.S. District Court for the District of Colorado alleging patent infringement on a Nike-iPod product. The company’s response to the complaint is stated not to be due just yet.
What will the future hold for Apple iTunes with the raising number of lawsuits that it is being approached with? Even though shares rose 4.9 percent on Friday, competion may give Apple iTune’s a run for it’s money in the new year.