Apple faces class action claim as options row pressures GCs
Computer giant Apple is facing a major class action in the latest episode of the backdating share options scandal that has hit more than 150 US companies and an unprecedented number of corporate counsel.The New York City Employees Retirement System pension scheme, which holds $90m (£45m) worth of shares in Apple, was last week appointed as the lead claimant in a class action. The shareholders are demanding compensation for what they allege were illegally-issued stock options.
January 25, 2007 at 02:23 AM
3 minute read
Computer giant Apple is facing a major class action in the latest episode of the backdating share options scandal that has hit more than 150 US companies and an unprecedented number of corporate counsel.
The New York City Employees Retirement System pension scheme, which holds $90m (£45m) worth of shares in Apple, was last week appointed as the lead claimant in a class action. The shareholders are demanding compensation for what they allege were illegally-issued stock options.
The news marks the latest in a string of scandals to have hit US companies following last summer's launch of an investigation by the Securities and Exchange Commission (SEC). Corporate counsel have been particularly hard hit by the growing scandal and Apple general counsel, Nancy Heinen, resigned from her role last year.
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