AAPL Stock: 111.03 ( + 0.25 )

Printed from

Third shareholder lawsuit against Apple

updated 08:10 pm EDT, Sat August 5, 2006

Option grants lawsuits

A new shareholder derivative complaint has been filed against Apple, following the company's recent announcement that it has found additional stock irregularities. Keller Rohrback L.L.P. today announced that a shareholder derivative complaint has been filed in the United States District Court for the Northern District of California on behalf of nominal defendant Apple and against certain Company executives and board members. The Complaint alleges that the defendants breached their fiduciary duties and colluded with one another to: (1) improperly backdate grants of Apple stock options to various Apple executives in violation of the Company's shareholder-approved stock option plans; (2) improperly record and account for the backdated stock options in violation of GAAP; (3) improperly take tax deductions based on the backdated stock options in violation of the Tax Code; and (4) produce and disseminate to the Company's shareholders false financial statements and other SEC filings that improperly recorded and accounted for the backdated option grants thereby concealing the improper backdating of stock options.

by MacNN Staff





Comments are closed.


Network Headlines

Follow us on Facebook


Most Popular


Recent Reviews

Polk Hinge Wireless headphones

Polk, a company well-established in the audio market, recently released a new set of headphones aimed at the lifestyle market. The Hin ...

Blue Yeti Studio

Despite being very familiar with Blue Microphones' lower-end products -- we've long recommended the company's Snowball line of mics ...

ZTE Spro 2 Smart Projector

Home theaters are becoming more and more accessible these days, but maybe you've been a bit wary about buying a home projector. And h ...


Most Commented