Apple is in legal hot water, again. Jobs and his crew, including former financial officer Fred D. Anderson, former general counsel Nancy R. Heinen, and several members of the company's board of directors, are in the midst of a class-action lawsuit that alleges millions of dollars were lost because of negative media attention concerning a 2006 litigation claiming Apple had backdated its stocks.
Apple had acknowledged that it backdated stock from 1997-2001 and the company issued a public apology and vowed reimbursement. However, as a result of widespread media attention, the company’s share price dropped 14%, resulting in a $7Billion loss to its shareholders. The plaintiffs also claim that Jobs knew what was happening and just didn’t care.
The case was filed in a U.S. District Court in San Jose, Calif. The plaintiffs have not yet pled loss causation.
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[1] http://www.maclife.com/user/fion
[2] http://www.maclife.com/article/news/apple_hit_stock_lawsuit
[3] http://www.maclife.com/article/news_roundup_gatess_sour_grapes_more_on_the_apple_options_mess_and_oh_yes_some_genuine_tech_news
[4] http://www.maclife.com/article/apple_v_amazon_digital_music_battle_begins_apple_options_drama_and_the_iphone_money_machine_rolls_on
[5] http://www.maclife.com/article/q2_2008_results_new_iphone_sdk_beta_and_the_stock_options_case_that_wouldnt_die