Apple stock-option lawsuit dismissed
p2pnet news | Product News:- The New York City Employees Retirement System sued Apple, saying its practice of backdating stock options diluted the value of the stock, says CNET News, going on:
“Apple has admitted that it improperly backdated stock options on several occasions, including two awards to CEO Steve Jobs, and last December it took a $84 million charge to account for the options.”
However, new Apple General Counsel Daniel Cooperman, “uccessfully convincing a judge to dismiss a shareholder lawsuit over Apple’s stock-options backdating mess,” says the story.
The New York City Employees’ Retirement System, lead plaintiff in the case, “acknowledged that Apple’s stock price didn’t fall as a result of the backdating, which is the most common basis for shareholder claims,” says Bloomberg News, adding:
“Instead, the retirement system argued the awards caused Apple to dilute its stock by issuing more than 200 million shares that weren’t properly accounted for or disclosed.”
Also See:
CNET News – Apple shareholder lawsuit over backdating dismissed, November 15, 2007
Bloomberg News – Apple Wins Dismissal of Shareholder Backdating Suit, November 14, 2007
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