Apple Hit With Suit Alleging 'Millions in Unlawful Profits'

Another shareholder lawsuit has been filed in response to the stock option backdating revealed by Apple in June. This one says that company CEO Steve Jobs and other executives have earned "millions of dollars in unlawful profits" as a result of the activity, according to a Bloomberg News report.

Apple, which did not provide a comment on the lawsuit, came forward two months ago to say that it had been investigating stock option grants handed out between 1997 and 2001, including one to Mr. Jobs. More than 100 companies are in a similar situation as a result of internal or government reviews of their business practices.

This is the fourth lawsuit filed against Apple over the situation. Two were filed in early July while a third was revealed earlier this month.

Thanks to MacNN for the link.