Apple, Jobs face new options backdating lawsuit

cellphoner · #1 07-02-2008, 01:34 PM

Filed under: Apple Corporate, Apple Financial

In another chapter in the scandal surrounding Apple's choice to back-date options granted to key executives (including Steve Jobs), two plaintiffs have filed a class-action lawsuit in federal court against two former executives and members of Apple's board of directors.
Apple was sued similarly in 2007 by the New York City Employees' Retirement System, and the case was dismissed.
The suit names Steve Jobs, former counsel Nancy Heinen, and board members William Campbell, Millard Drexler, Arthur Levinson, and Jerry York. It contends that the accused intentionally filed false documents, hiding stock option grants to the higher-ups.
Apple, in an internal investigation, cleared Jobs of any wrongdoing, leading many to speculate that the company threw Heinen and former CFO Fred Anderson under the proverbial bus to protect the company's image.

[Via Macworld.]

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