Apple shareholders to refile claims judge rejected in stock options lawsuit
Posted by Dennis Sellers 
Nov 21, 2007 at 11:50am
Attorneys in a shareholder lawsuit against Apple over its backdating of stock options said Tuesday they plan to refile some of the claims, reports the Associated Press.
The shareholders claimed in the June 2006 lawsuit that company directors and officers, including CEO Steve Jobs, committed fraud when they backdated some awards made between 1997 and 2001 to time the options when prices were low and boost later payouts. Judge Jeremy Fogel of the U.S. District Court for the Northern District of California ruled Monday that claims alleging fraud in some proxy statements were filed after the federal statute of limitations had expired.However, he gave the plaintiffs an option to amend their complaint to change their arguments.
Fogel ruled that the lawsuit raised some valid arguments but said its claims against Jobs and other officers did not contain enough detail. Lead plaintiffs’ attorney Mark Molumphy said Tuesday he intends to refile the case focusing on issues the judge identified, according to the AP.
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Dennis Sellers
Dennis has been a newspaper editor/reporter (seven years) and teacher (seven years). He has over 4,000 magazine, newspaper and online articles to his credit. He has also covered the Mac and tech industries for over a decade for such online publications as MacCentral, MacMinute and now MacsimumNews.
