apple news/media reports
08/05/2006, 8:10pm, EDT
Saturday, August 5th
Third shareholder lawsuit against Apple
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.
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And the lawyers aren't looking out for the 'little man' per se, they're looking out for the stockholders, who, you know, are the ones who are hurt by these types of maneuvers. (I know, I know, jarod, its their own fault if they sold their apple stock back when these things happened when they should've held on because EVERYONE knew it was going to go up to $80 a share... but, you know, not all stockholders are as wise as you, and actually base their decisions on supposedly truthful and unfalsified quarterly reports).
Yet, they keep listening to their broker... This may explain some of these maneuverings - face it, 85% of all people are plain dumb. This percentage is even higher when it comes to self-proclaimed 'investors'.
Investing, like running a business, requires YOU (the investor) to know WTF it is you're placing your money in! Analysts are nothing but EMPLOYEES ON COMMISSION! All they care about is THEIR COMMISSION, not your profits! So WAKE THE F**K UP ALREADY PEOPLE!