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.

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8 Comments

SpamSandwich

said about 17 years ago

Another class-action suit brought about by bloodsucking lawyers that benefits noone but themselves.

recompile

said about 17 years ago

Quote:

Originally posted by SpamSandwich
Another class-action suit brought about by bloodsucking lawyers that benefits noone but themselves.

That is a Fact.

louzer

said about 17 years ago

Quote:

Originally posted by SpamSandwich
Another class-action suit brought about by bloodsucking lawyers that benefits noone but themselves.

Hey, there's no mention of these being class-action. They have to be approved first in order to get that status.

But, then again, apparently no one cares whether Apple actually violated any law or reporting/accounting rules, which, in turn, could have caused a misstatement about the company's value and, thus, caused the stock's value to be regarded as worth more than it should have been.

But, then, if you don't like the lawsuit, how would you deal with the money lost (assumedly) from the mistakes. Just have them pay the SEC a small fine and pretend it didn't happen?

[alloc init]

said about 17 years ago

Quote:

Originally posted by Louzer
Hey, there's no mention of these being class-action. They have to be approved first in order to get that status.

But, then again, apparently no one cares whether Apple actually violated any law or reporting/accounting rules, which, in turn, could have caused a misstatement about the company's value and, thus, caused the stock's value to be regarded as worth more than it should have been.

But, then, if you don't like the lawsuit, how would you deal with the money lost (assumedly) from the mistakes. Just have them pay the SEC a small fine and pretend it didn't happen?

I think the issue here is that there really hasn't been enough time to determine what, precisely, the effect of the irregularities has been. Personally, I think it's a bit too early to go running to file lawsuits. Couldn't we wait a few weeks until some questions are answered, and those involved have a better understanding of what is going on?

hiro

said about 17 years ago

Quote:

How can anyone justify a lawsuit if there is no knowledge of any malfeasance? Cases are not supposed to be fishing expeditions, and that's all these suits could qualify for at the moment.