Apple Sells Off on Holder Suit; Feeling Jumpy, Are We?

July 3, 2008 at 8:02 am PT

Apple (APPL) shareholders: you need to get a grip.

On Wednesday, AAPL sold off on news that the company, CEO Steve Jobs, former CFO Fred Anderson, former general counsel Nancy Heinen and several Apple board members were hit with a purported class-action lawsuit in federal court in San Jose related to the company’s stock-options backdating scandal. Shareholder lawsuits always sound scary, but there’s nothing to this that holders don’t already know: the company admitted that some options were backdated, but both Apple and Jobs have avoided any federal prosecution. Anderson settled SEC charges related to the situation; litigation by the Commission against Heinen is pending.

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Tagged with: Apple, backdating, Barrons, Eric Savitz, Fred Anderson, frontpage, Nancy Heinen, SEC, shareholder lawsuit, Steve Jobs, Tech Trader Daily

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