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AAPL Stock: 497.67 ( -11.79 )

New York pension fund heads Apple lawsuit

updated 05:50 pm EST, Mon January 22, 2007

Apple lawsuit leader


The New York City Employees' Retirement System today said it was chosen as the lead plaintiff in a shareholder lawsuit against Apple as a result of the company's stock options practices. The pension was appointed by judge Jeremy Fogel of the U.S. District Court for the Northern District of California to head up the lawsuit, claiming that Apple violated securities laws via its options awards to top executives. The lawsuit seeks class-action status on behalf of other Apple investors, according to Reuters. The New York City Retirement System holds roughly one million shares of Apple stock valued at approximately $87 million based on current stock values. Large investors often seek the status of lead plaintiff to hold more control over litigation, according to the report.


by MacNN Staff

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  1. jdonahoe

    Fresh-Faced Recruit

    Joined: Jul 2006

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    01/22, 06:33pm | report spam | Reply |

    Give me a break!!

    They haven't lost a cent from any mismanagement. This is frivolous at best. This has been a well performing stock.

  1. aristotles

    Grizzled Veteran

    Joined: Jul 2004

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    01/22, 07:05pm | report spam | Reply |

    Who will benefit?

    The lawyers will be the sole beneficiaries of this lawsuit and all of the Apple investors will potentially lose even more than they allegedly lost already.

  1. charanis

    Fresh-Faced Recruit

    Joined: Mar 2006

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    01/22, 07:14pm | report spam | Reply |

    I don't get it.

    Why would they do this - they have dinged the stock 6 points and it hurts them. How could they have lost any money here - its up 300%? Do they just want control over the lawsuit to stop it? Just sucks for us longtime Apple Stockholders - who hold. I buy on the dips because I always know they will come up with something new - but this kind of stuff is just unnerving! www.i-rant.com

  1. ClevelandAdv

    Fresh-Faced Recruit

    Joined: Jul 2004

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    01/22, 07:26pm | report spam | Reply |

    Lawyer Job Security

    All a suit like this will do is keep the funds lawyers busy. There is no way they will be able to make the case that this stock has underperformed - since it is up almost 900% over the last 5 years. Go away idiots, you are hurting my AAPL stock performance with your frivolous lawsuit.

  1. jarod

    Fresh-Faced Recruit

    Joined: Apr 2005

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    01/22, 08:37pm | report spam | Reply |

    Get real!

    Morons.

  1. ender

    Junior Member

    Joined: Mar 1999

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    01/22, 08:41pm | report spam | Reply |

    Not frivolous...

    ...but I sure wouldn't call it wise, either. Talk about biting the hand the feeds you! Like others have pointed out, they are going to depress the stock value far more than any potential settlement they'll get; and the lawyers will be laughing all the way to the bank.

  1. silverflyer

    Dedicated MacNNer

    Joined: Jun 2006

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    01/22, 09:47pm | report spam | Reply |

    The lawyers want a cut

    Steve Jobs has made me rich, now, the lawyers are mad they didn't get in on the action earlier, and want some of the money.

  1. LouZer

    Fresh-Faced Recruit

    Joined: Nov 2000

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    01/22, 09:57pm | report spam | Reply |

    Really!

    I can't believe they're doing this. h***, people who sue large successful companies like Enron, Worldcom, etc, just end up causing them to go belly up. They should just accept what's happened and be happy!

  1. LouZer

    Fresh-Faced Recruit

    Joined: Nov 2000

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    01/22, 10:08pm | report spam | Reply |

    BTW

    One of the reasons they're doing this is to make sure Apple doesn't do this again. That's usually what the goal is of many a class action lawsuit.

    Plus, what do any of you know how said financial misdeeds have hurt this fund. Maybe they sold some of their stock when prices went down due to these decisions, causing them to lose money (or not make as much as they could).

    More importantly, how much would the stock be worth now if this whole mess didn't happen? Sure, its at $90, but mightn't it be worth $100 or $110 if it wasn't for the restatements, lawsuits, and so on?

  1. cebritt

    Fresh-Faced Recruit

    Joined: Mar 2000

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    01/23, 12:19am | report spam | Reply |

    bs

    Pigs get fat and hogs get slaughtered. Saying Apple might be over $100 per share if it wasn't for these problems is c***. All these rumors have had zero effect on Apple stock. The teachers should thank their fund managers they weren't in Dell and Microsoft. They could have bought more Apple in August when it dropped below 60. Anyone who sold at that point deserves what they got...

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