A pension investment group has sued IBM, claiming that the company failed to warn investors that sales in China would slow dramatically following revelations that IBM was helping the U.S. National Security Agency spy on the Chinese.
Ever since the Snowden leaks began, we’ve been talking about how the harm for the US economy — and especially the tech industry — was going to be massive (much more damaging than anything the NSA might possibly prevent with its spying). We’ve already seen Cisco attribute poor earnings to the Snowden revelations, and now a large IBM shareholder is suing IBM, claiming that its relationship with the NSA resulted in the company’s disappointing third quarter results.