Apple options backdating litigation still not over
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.
RECRUITMENT & RETENTION REPORT 2013HIRE OR FIRE? BUY OR BUILD
2013 is well underway and Australian companies need to know whether they should invest in IT skills training or pay a premium for the people they need.
If you want to know which choices are being made in your sector, what skills are hard to find, which sectors intend to hire or fire and where the IT spend is going, this free report is must have.
Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences, a PhD in Industrial and Business Studies, and is a senior member of the Australian Computer Society.