Judge Tosses Shareholder Suit Against Apple

Law360, New York (November 15, 2007, 12:00 AM EST) -- A judge dismissed a stock options backdating lawsuit filed by shareholders against Apple Inc., its co-founder and CEO Steve Jobs and 13 other company directors on Wednesday, saying the plaintiffs have not shown that anyone other than the company was harmed by the alleged scheme.

Judge Jeremy Fogel of the U.S. District Court for the District of Northern California told the plaintiffs they had 30 days to refile the suit as a derivative action. He said the case should be a derivative suit because the lead...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.