Apple Execs Sued for Losses Related to Backdated Options
Image by Gail Ahlers
Two Apple shareholders have filed a class-action lawsuit against present and former Apple officials including Steve Jobs and four members of the Board of Directors, as well as former CFO Fred Anderson and former General Counsel Nancy Heinen. The lawsuit charges Apple officials with fraud in connection with the company’s practice of backdating stock options, the subject of an SEC investigation in 2007, in which the regulatory agency cleared Jobs of any wrongdoing.
That’s not enough for Plaintiffs Martin Vogel and Kenneth Mahoney, according to a story published by Information Week, which details the allegations against Jobs and company. Vogel and Mahoney are seeking to recover losses stemming from a drop in Apple’s share price that reduced the company’s market cap by over $7 billion in the wake of Jobs admitting to “irregularities” in the granting of options to company executives and to the existence of an internal investigation into the matter in 2006.
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