Apple options backdating 2016
(“Apple”) and fourteen of its officers and directors for the alleged false and misleading proxy solicitation of a stock option plan on the ground that plaintiff-appellant did not adequately plead economic loss in the form of “dilution to shareholder interests.” This decision provides yet another instance where courts have strictly applied the “loss causation” principles set forth in Dura Pharmaceuticals, Inc. In its consolidated complaint, it alleged direct class claims under Sections 14(a) and 20(a) of the Securities Exchange Act of 1934.
28, 2010), the United States Court of Appeals for the Ninth Circuit affirmed the dismissal of a class action lawsuit against Apple, Inc. Plaintiff-appellant New York City Employees’ Retirement System (“NYCERS”) is a public pension fund that manages retirement assets for over 200,000 current and former employees of the City of New York.
Thus, the court held that “such conclusory assertions of loss are insufficient” and the district court’s dismissal on that ground was proper.
The Ninth Circuit declined to expand the concept of “economic loss” required to state a Section 14(a) claim to include shareholder dilution.
If we are talking about Windows system clock backdating – there are a lot of information to help, for example, this SANS white paper by Xiaoxi Fan, but there is nothing about mac OS.
Instead, by applying Dura Pharmaceuticals and the Reform Act strictly, the Ninth Circuit limited the scope of potential Section 14(a) claims.
For further information, please contact John Stigi at (213) 617-5589 or Taraneh Fard at (213) 617-5492.
Tech Crunch has an interesting look at Steve Jobs’ deposition testimony which was taken during the SEC’s 2008 investigation into alleged options backdating.
It’s well worth a read, and provides some interesting insight into Jobs’ thoughts on a variety of matters, from his failure to find an adequate CEO for Apple in 1997 to his thoughts on which Apple employees he considered to be the most valuable.