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Apple's lawyers have been busy as of late

Lawyers acting on behalf of Apple shareholders have filed suit against Apple claiming CEO Steve Jobs and other executives made “millions of dollars in unlawful profits” after changing their stock option-grant dates. They are also accused of filing “false and misleading statements” with the U.S. Securities and Exchange Commission. The officers of the company manipulated the grants so that they could sell over $1 billion in company stock, the lawsuit claims.

Apple accountants and lawyers are looking over financial records to try and take note of all discrepancies.

"The practice of repeatedly and consciously backdating stock options granted to Apple's executives and directors remained concealed from the public and its shareholders," the E-Commerce Times reports. The result was the company filed “false and misleading statements” with the U.S. Securities and Exchange Commission.

The company's stock could be delisted from the Nasdaq exchange. However, because such a large number of companies are being investigated over stock option awards – over 150 at last count – Apple may be safe from being delisted. Financial records show that Apple's problems stretch all the way back to 1997 – the company is investigating grants from 1997 to 2001.



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