updated 09:20 am EDT, Mon September 15, 2008
Continuing backdating suit
In spite of nearing the settlement of 19 cases, Apple and CEO Steve Jobs continue to face legal problems over backdating allegations, Bloomberg reports. An ongoing case is presently under seal at the Santa Clara County Superior Court, but the plaintiffs' lawyer, H. Adam Prussin, says he acting on behalf of shareholders, and using an approach "similar but not identical" to that of other lawsuits.
Prussin notes that he managed to obtain a court order against Apple in 2007, requiring the company to deliver books and other records of backdated stock options. "We have details about the transactions involved that I don't think anyone else has," says Prussin. "We know who did what to whom and when. Plaintiffs in the other cases did not do an examination of books and records."
It is these details that keep much of the case from public view, but defendants are listed as including Apple, Jobs, six current and ex-directors, as well as former CFO Fred Anderson and former general counsel Nancy Heinen. The case in fact targets Jobs specifically, calling him the "center of the backdating scheme." Apple's board went "out of its way to shield Jobs from any responsibility," a filing claims.
An Apple spokeswoman, Susan Lundgren, says that the corporation does not comment on pending litigation.