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.