The U.S. Department of Justice (DOJ) has charged Weibao Wang, Apple’s (NASDAQ:AAPL) former employee, of stealing thousands of documents, including research and development of technology related to autonomous systems used in self-driving cars.
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According to an April indictment unsealed on Tuesday, Wang worked as a software engineer with Apple from 2016 to 2018. However, in 2017, he started working for a U.S.-based position of a Chinese company that was also developing autonomous-driving technology. He allegedly waited four months before informing the tech giant about his new job.
Apple found out that Wang accessed large amounts of proprietary data days before his departure. Federal investigators who searched Wang’s California home in 2018 found large quantities of Apple’s proprietary and confidential data on his computers and other devices. Wang flew to China soon after the 2018 search and remains there.
Other Cases
Wang’s case is one of the five cases and four arrests brought by five different U.S. attorney’s offices in connection with the recently formed Disruptive Technology Strike Force, which is co-led by the Departments of Justice and Commerce.
The newly-formed agency’s work led to the unsealing of charges against multiple defendants, who were allegedly involved in crimes, including export violations, smuggling, and theft of trade secrets.
The DOJ revealed another case involving a senior software engineer, arrested on May 5 for allegedly stealing source code used in metrology software that is used in “smart” automotive manufacturing equipment. The defendant then allegedly marketed the stolen technology to several Chinese companies.
Another Chinese national was charged with allegedly participating in a scheme, with the purpose of providing isostatic graphite, a material used in the production of weapons of massive destruction, to Iran. The remaining two cases involved the “disruption of alleged procurement networks created to help the Russian military and intelligence services obtain sensitive technology in violation of U.S. laws.”
Overall, the U.S. has stepped up its efforts to stop the misuse of sensitive and proprietary technologies by foreign adversaries like China and Russia.
Is Apple a Good Stock a Buy?
Apple has been betting big on countries like India due to the growing U.S.-China tensions. The company is exploring ways to reduce its dependence on China, especially following the major COVID-led disruption that it faced last year.
Wall Street has a Strong Buy consensus rating on Apple based on 23 Buys, four Holds, and one Sell. The average price target of $182.56 implies about 6% upside. Shares have advanced 32% year-to-date.
