The long-running Apple Inc. (NASDAQ: AAPL) fan site Think Secret is being shut down after almost three years of litigation and a confidential settlement. Nicholas Ciarelli, a 22- year-old Harvard student has been running the site since he was thirteen years old.Think Secret's claim to fame was publishing top-secret information about upcoming Apple products before it was supposed to be made public. Apple unveils new products every January at its Macworld conference, and the race is always on in December to scoop Steve Jobs on his company's offerings.
And Think Secret apparently did an excellent job of tipping everyone off on Apple's secret plans. Apple filed suit to try to get the names of Ciarelli's sources.
At one point it seemed as if Ciarelli had the upper hand in the litigation. Apple filed suit on the basis that ThinkSecret was publishing trade secrets about Apple's strategic plans. Ciarelli's attorney, Terry Gross, filed a motion to dismiss the suit, citing First Amendment rights. Apple essentially stopped litigating at that point.
But on Thursday, Think Secret published the following brief press release: Apple and Think Secret have settled their lawsuit, reaching an agreement that results in a positive solution for both sides. As part of the confidential settlement, no sources were revealed and Think Secret will no longer be published. Nick Ciarelli, Think Secret's publisher, said "I'm pleased to have reached this amicable settlement, and will now be able to move forward with my college studies and broader journalistic pursuits."
So the saga ends with the site being shut down. Ciarelli says it was time anyway, as he would rather pursue other interests. But it's really not clear who won this case. Ciarelli says he's "very satisfied" with the settlement, but no one knows for sure if he received any money from Apple.
Forensic accountant Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations through her company, Sequence Inc. Forensic Accounting.
So the saga ends with the site being shut down. Ciarelli says it was time anyway, as he would rather pursue other interests. But it's really not clear who won this case. Ciarelli says he's "very satisfied" with the settlement, but no one knows for sure if he received any money from Apple.
Forensic accountant Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations through her company, Sequence Inc. Forensic Accounting.
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