Apple shares are tumbling this week after the massive leaking of intimate, private photos of over a hundred female celebrities, with many programmers and tech insiders claiming weaknesses with Apple's software being to blame.
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As of press time, shares in Apple are trading for just over $98, a far cry from 2012, when Apple joined the illustrious 700 Club (companies with shares trading at $700 or above).
The gravity from the scandal hit Wall Street Wednesday, with shares in Apple dropping 4.2 percent, losing investors a devastating $26.1 billion.
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Ever since the leaked photos of starlets like Jennifer Lawrence and Ariana Grande hit the web Sunday, Apple has been fighting an ugly publicity battle.
"After more than 40 hours of investigation," Apple said in a statement this week, "we have discovered that certain celebrity accounts were compromised by a very targeted attack on user names, passwords and security questions, a practice that has become all too common on the Internet."
The internal investigation reported that Apple wasn't culpable for the leaks.
"None of the cases we have investigated has resulted from any breach in any of Apple's systems including iCloud or Find my iPhone," Apple continued.
The denial obviously did not calm twitchy investors. While the stock is bound to rise with the company's iPhone 6 event on September 9, Apple is in a defensive position, a place it doesn't want to be right now.
