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November 15, 2007
IGM: Apple wins dismissal in shareholder suit
Bloomberg reports that Apple won dismissal of a shareholder lawsuit claiming company officers, including His Steveness, were overpaid with illegally backdated option awards.IGM: Apple wins dismissal in shareholder suit"While the subsequent disclosure that the options were backdated might require a restatement, without a discernable drop in the stock price there is no basis upon which to establish an injury to shareholders," US District Judge Jeremy Fogel in San Jose, California wrote in his opinion.
Tags: AAPL, shareholder, suit
Posted by Jason D. O'Grady at November 15, 2007 11:16 AM
Category: Legal
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