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Apple shareholders file another lawsuit

updated 10:40 am EDT, Tue August 22, 2006

Apple shareholder lawsuit

Apple shareholders have filed yet another lawsuit against the company in state as well as U.S. courts, claiming that many high-level management employees -- including CEO Steve Jobs -- backdated option-grants to reap "millions of dollars in unlawful profits." The suit also charges that Apple executives filed "false and misleading statements" with the U.S. Securities and Exchange Commission, manipulating options grants to sell more than $1 billion in company stock, according to Bloomberg. The case follows a string of earlier lawsuits filed throughout July and into August, naming top executives and alleging that defendants breached their fiduciary duties and colluded with one another to improperly backdate grants of Apple stock options to various executives in violation of the company's shareholder-approved stock option plans, among other claims.




by MacNN Staff

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  1. jarod

    Joined: Dec 1969

    0

    Only idiots

    Would have a dream in h*** of getting anything out of such a ludicrous lawsuit. Thank Goodness the majority of shareholders have a little more common sense than these losers desperately attempting to make a dollar when they obviously can't cut it on their own in life.

  1. tindrum

    Joined: Dec 1969

    0

    crime and punishment

    If there was a crime, retribution should be pursued. Apple is not above the law, my friends. I believe in their products whole-heartedly, but the news of shenanigans in their financial dealings makes me mad. The people responsible should not only be sacked, they should face legal action as well.

  1. jarod

    Joined: Dec 1969

    0

    tindrum

    I agree, but this is so far from being a criminal thing. There is absolutely no sense to it. Worse case in my opinion, they end up paying a small fine. Wopee do. What these lawsuits are aiming for is definately not noble and for that I hope they get thrown out and these people humiliated.

  1. bigpoppa206

    Joined: Dec 1969

    0

    Don't you love it

    when people like tindrum have already found them guilty and are ready to punish them without a trial!

    Way to go shareholders! Thanks for making the company spend $$$ on lawyers rather than its shareholders.

  1. jchen

    Joined: Dec 1969

    0

    don't you love it

    when people like bigpoppa206 assumes that shareholders are to blame for pursuing a lawsuit under suspicion for questionable practices?

    Because the company would have otherwise spent their legal fund allocation on shareholders?

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