apple news/media reports
01/22/2007, 5:50pm, EST
Monday, January 22nd
New York pension fund heads Apple lawsuit
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.
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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?