- 12 myths about how the Internet works
- Smartphone smackdown: Storm vs. iPhone
- IETF: Should we ignore the Kaminsky bug?
- Top 10 wicked cool algorithms
- How to recession-proof yourself
Apple's legal woes over the backdating of stock options is not over yet. A new class action lawsuit has been brought against the company, two former executives and several members of the Board of Directors, according to InformationWeek.
Filed in the U.S. District Court in San Jose, Martin Vogel and Kenneth Mahoney brought the suit against former CFO Fred Anderson, former counsel Nancy Heinen, CEO Steve Jobs and board members William Campbell, Millard Drexler, Arthur Levinson, and Jerome York.
The lawsuit alleges the accused intentionally filed false documents, concealing stock option grants to executives.
"The defendants knew that options were not granted on the dates that were disclosed to shareholders and falsified the company's records to create the appearance of illegality, and thus bear direct responsibility for their actions," reads the complaint. "Here, Jobs and the Individual Defendants clearly appreciated the fraudulent nature of their conduct."
Apple uncovered irregularities in stock option grants in June 2006 and immediately launched an investigation. Six months later Apple released its findings and cleared CEO Steve Jobs of any wrongdoing. That left the blame to fall to former CFO Fred Anderson and former counsel Nancy Heinen.
The U.S. Securities and Exchange Commission later charged Heinen with fraudulently backdating stock options. Anderson agreed to a multimillion dollar settlement.
This is not the first lawsuit brought in the backdating scandal. An earlier lawsuit filed by the New York City Employees' Retirement System was dismissed in 2007.
Partner Content
SMART Steps Toward Consolidated Workload Automation
Consolidating job scheduling into a single, comprehensive workload automation solution is a critical first step to effective workload automation (WLA).
White paper on WLA here
A Comprehensive Approach to Practicing ITIL Change Management
Read a compelling whitepaper by EMA, Inc. to learn best practices for integrating workload automation.
Whitepaper here
2 Minutes to IT workload automation
BMC CONTROL-M can put money back into your IT budget and strip the complexity and risk from workload automation.
View video here
Gain a faster, cheaper way to manage workload
BMC CONTROL-M can help you migrate to a workload automation solution to meet your organization’s goals.
Listen here for more info
Comments (1)
old newsBy Anonymous on July 3, 2008, 4:54 pmold news
Reply | Read entire comment
View all comments