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 September 16th

Mon,8:29 PM
Apple CEO Tim Cook on Privacy: Follow the Money
6:38 PM
Amazon Offers 16GB iPad Air for $427
6:08 PM
Apple Offers U2 Removal Tool for People Angry about Free Album
4:52 PM
Stanford, Duke University Start Apple HealthKit Patient Trials
3:29 PM
Net Neutrality Comment Deadline Is Today
2:15 PM
Knomad Portable Organizer for iPad mini Holds All Your Accessories
1:54 PM
TMO Daily Observations: 2014-09-15
11:39 AM
TMO Forum Poll: Which did You Pre-order, iPhone 6 or 6 Plus
11:02 AM
Analyst: Apple on Track to Top 10M iPhone 6 Launch Sales
9:48 AM
iPhone 6 Pre-orders Showing Week-long Shipping Delay
8:46 AM
iPhone 6, 6 Plus Pre-orders Top 4 Million in First Day
Sun,5:49 PM
Detroit Slow Roller Jason Hall Talks about Apple and iPad (Video)
  • __________
  • Buy Stuff, Support TMO!
  • Podcast: Mac Geek Gab
  • Podcast: Apple Weekly Report
  • TMO on Twitter!