| Company: | Apple Computer, Inc. |
| Ticker Symbol: | NYSE: AAPL |
| Class Period: | 1997 to 2001 |
| Date Filed: | Aug-04-06 |
| Lead Plaintiff Deadline: | Oct-02-06 |
| Court: | Northern District, CA |
| Allegations: |
A shareholder derivative complaint has been filed in the United States District Court for the Northern District of California on behalf of nominal defendant Apple Computer, Inc. ("Apple" or the "Company") (NYSE:AAPL) and against certain Company executives and board members.
The Complaint alleges that the defendants breached their fiduciary duties and colluded with one another to: (1) improperly backdate grants of Apple stock options to various Apple executives in violation of the Company's shareholder-approved stock option plans; (2) improperly record and account for the backdated stock options in violation of GAAP; (3) improperly take tax deductions based on the backdated stock options in violation of the Tax Code; and (4) produce and disseminate to the Company's shareholders false financial statements and other SEC filings that improperly recorded and accounted for the backdated option grants thereby concealing the improper backdating of stock options.
Apple had previously announced an internal investigation related to the issuance of certain stock option grants made between 1997 and 2001. Recently, the Company announced that although the investigation is ongoing, the Company had discovered additional evidence of irregularities and in light of that, Apple would likely need to restate its historical financial statements.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The Complaint alleges that the defendants breached their fiduciary duties and colluded with one another to: (1) improperly backdate grants of Apple stock options to various Apple executives in violation of the Company's shareholder-approved stock option plans; (2) improperly record and account for the backdated stock options in violation of GAAP; (3) improperly take tax deductions based on the backdated stock options in violation of the Tax Code; and (4) produce and disseminate to the Company's shareholders false financial statements and other SEC filings that improperly recorded and accounted for the backdated option grants thereby concealing the improper backdating of stock options.
Apple had previously announced an internal investigation related to the issuance of certain stock option grants made between 1997 and 2001. Recently, the Company announced that although the investigation is ongoing, the Company had discovered additional evidence of irregularities and in light of that, Apple would likely need to restate its historical financial statements.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
