Some older Apple Smart Covers are incompatible with the new iPad due to weird magnet polarity issues, Mark’s Hangout.These Smart Covers will not turn on your iPad when you open them or turn it off when you close it.
If you bought a Smart Cover more recently, however, you’re protected. This suggests that Apple changed the manufacturing process when it became aware of the issue.
If you’re affected by the problem, Apple’s support forums indicate that you can swap out your Smart Cover for a new one at the Apple Store.
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