Full FeedSteve Jobs, you’re presence is requested in court
The Superior Court of California in Santa Clara is summoning your favorite CEO, Steve Jobs, as well as other Apple officials back to court for a new lawsuit from the Boston Retirement Board. This group is claiming over $105 million was lost on backdated stock options granted to Mr. Jobs. Technically speaking, backdating is legal, but can harm other shareholders involved with the company. Also, it must be declared Securities and Exchange Commission beforehand, which is the part these officials are accused of disregarding.
The BRB also claims that is has specifics to back up the charges, but they have not released the details yet because the court has yet to figure out how to handle the confidential information. These types of cases have been coming to various Apple officials for about two years now, but have been stalled or dismissed due to a lack of evidence and rulings that the backdating did not clearly affect Apple’s stock price. What are all your thoughts on this?
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Great post. And you have you just love that acronym “BRB”!
on April 26, 2008 at 12:07 PM - LINK