Discussion about "Apple to Pay $16.5M for Shareholder Deception - Courthouse News Service"
Apple to Pay $16.5M for Shareholder Deception - Courthouse News Service
SAN JOSE (CN) - District Court Judge Jeremy Fogel approved a $16.5
million agreement Wednesday to settle class action shareholder claims
that Apple Inc. and several executives and board members backdated
employee stock options for more than a decade and issued false and
misleading financial statements.
The New York City Employee
Retirement System based its claims on a series of announcements and a
corrective disclosure made by Apple regarding its issuance of stock
option grants.
"The grants were frequently dated just after a
sharp drop in the Company's stock price and before a substantial rise in
the Company's stock price," according to the complaint filed in August
2006 in the Northern District of California.
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