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Wednesday, July 05, 2006, 02:00 pm PT (05:00 pm ET)

Investors sue Apple over stock grants

Apple Computer on Wednesday announced that two lawsuits have been filed against the company as a result of its
awarding of stock grants.

The derivative suits were filed in the United States District Court for the Northern District of California and the Superior Court for Santa Clara County, Apple said in a statement.

Both suits make claims against current and former officers and directors with respect to the company's awarding of stock option grants.

Last week, Apple announced that it had discovered irregularities in the issuance of certain stock option grants and that it is conducting an independent investigation into the matter.

Apple says it is currently evaluating its response to the lawsuits.