Stock Options Class Action Lawsuit Hits Apple Computer, Inc.

A shareholder derivative class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of nominal defendant Apple Computer, Inc. and against certain Company executives and board members alleged that the defendants breached their fiduciary duties.

The complaint further alleged that the defendants colluded with one another to: (1) improperly backdate grants of Apple stock options to various Apple executives in violation of the Company’s shareholder-approved stock option plans; (2) improperly record and account for the backdated stock options in violation of GAAP; (3) improperly take tax deductions based on the backdated stock options in violation of the Tax Code; and (4) produce and disseminate to the Company’s shareholders false financial statements and other SEC filings that improperly recorded and accounted for the backdated option grants thereby concealing the improper backdating of stock options.

Link [macdailynews.com/index.php/weblog/comments/10435]

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