The Mac Observer

Skip navigational links

You're viewing an article in TMO's historic archive vault. Here, we've preserved the comments and how the site looked along with the article. Use this link to view the article on our current site:
NYC Pensioners Pursue Apple Lawsuit

NYC Pensioners Pursue Apple Lawsuit

by , 11:20 AM EST, December 18th, 2007

Even though a federal Judge said the New York City Employee Retirement System's suit against Apple over improperly backdated stock option grants didn't hold water, the organization is moving forward with its case. The group filed a new version of its suit this week, and a hearing is scheduled in January to see if the case can move forward, according to the New York Sun.

The pension organization originally claimed that it had been hurt by a drop in stock value after Apple revealed in 2006 several incidents of improperly backdated stock option grants. The company's stock did drop about 14 percent after the news surfaced, but has since recovered and climbed about 500 percent compared to its value in 2005.

U.S. District Court Judge Jeremey Fogel ruled in November that the organization couldn't show it had been harmed since Apple's stock continued to climb after the backdating incidents were uncovered. He advised the group to consider re-filing their claims as part of a derivative suit.

Instead, the city pension group's board of trustees is moving forward with its own suit. The case could, however, derail once again if Judge Fogel rules that this new case doesn't have merit.

Apple is currently trading at US$183.36, down 1.04 (0.56%).


If you are interested in Apple's stock, join our forum members in the Apple Finance Boards, a moderated forum for Apple Investors and people who are interested in Apple's financial dealings. For other stories regarding Apple's stock activity, visit our updated Apple Stock Watch Special Report.

Recent Headlines - Updated July 4th

Fri,6:36 PM
iCloud Music Library and DRM: Now with Slightly Less Disaster
9:38 AM
Apple Music - Or Some Streaming Service - Needs To Steal Discovery From Napster
8:00 AM
Happy U.S. Independence Day
1:38 AM
Apple Posts San Francisco Pride 2015 Video
Thu,8:51 PM
Mpow 3-Port Intelligent Car Charger: $13.99
8:44 PM
Apple Loses iBooks Antitrust Appeal in Split Decision
5:00 PM
Apple Earns a Black Eye for Apple Music
3:04 PM
Apple’s New Design Bosses Report to Tim Cook, not Jony Ive
2:01 PM
3 Great iPhone Cables for Travel
1:39 PM
TMO Daily Observations 2015-07-02: Coping with iCloud Music Library’s Problems
10:58 AM
iTunes 12.2 and iCloud Music Library: A Disaster for Your Music Collection
8:59 AM
How To Add Nickname, Photo to Apple Music Profile
  • __________
  • Buy Stuff, Support TMO!
  • Podcast: Mac Geek Gab
  • Podcast: Apple Weekly Report
  • TMO on Twitter!