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