Apple sued for stock option irregularities
Apple Computer has been notified of two lawsuits regarding irregularities in the issuance of stock options, the company said on Wednesday. Both lawsuits make claims against current and former officers, and directors.
The lawsuits, filed in the United States District Court for the Northern District of California and the Superior Court for Santa Clara County, come on the heels of Apple’s voluntary disclosure last week that irregularities had been discovered with some of its stock option grants made between 1997 and 2001, one of which was to CEO Steve Jobs.
The option grant to Jobs subsequently was cancelled, and Jobs didn’t financially benefit from it, according to Apple.
Apple said the irregularities were uncovered during an internal investigation. The company has notified the SEC and hired outside attorneys to perform an investigation.