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