Attorneys in a shareholder suit against Apple over its backdating of stock options have said they plan to refile some claims. U.S. District Court Judge Jeremy Fogel of the Northern District of California ruled last week that claims alleging fraud in some proxy statements were time barred, and noted that the plaintiffs' claims lacked sufficient detail, but gave the plaintiffs leave to amend their complaint. Lead plaintiffs attorney Mark Molumphy said the refiling will focus on issues identified by Fogel.
November 26, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Attorneys in a shareholder lawsuit against Apple Inc. over its backdating of stock options said Tuesday they plan to refile some of the claims.
The shareholders claimed in the June 2006 lawsuit that company directors and officers, including Chief Executive 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.
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