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Information Technology News Apple options backdating litigation still not over
Information Technology News Apple options backdating litigation still not over | Apple options backdating litigation still not over |
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| by Stephen Withers | |
| Tuesday, 16 September 2008 | |
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The $US14 million to settle that case would come from Apple's insurers. But now another related case has crawled back out of the woodwork, again involving CEO Steve Jobs, former CFO Fred Anderson and former general counsel Nancy Heinen. A number of present and previous directors are also named as defendants. Lawyer H Adam Pusin, representing a group of shareholders that has filed the suit against Apple, reportedly claims to have information about the backdating that the plaintiffs in the other case lacked. By linking the exercise price of an options grant to an earlier and lower share price, the beneficiary of the grant stands to make more money. According to Bloomberg, "Jobs 'was at the center of the backdating scheme,' according to the suit, which claims Apple's board went 'out of its way to shield Jobs from any responsibility.'" The Pusin suit casts Anderson and Heinen - both of whom resigned from Apple and settled suits brought against them by the US Securities and Exchange Commission - as scapegoats, and implies that Jobs was aware of what was going on even though the board went out of its way to shield him.
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