Apple Inc (AAPL)

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10:43 AAPL AppleInsider publishes article on Apple investor suit (55.14 +0.14)

AppleInsider reports co CEO Steve Jobs, former co CEO Michael Spindler as well as other high-profile co execs are named in the most recent investor lawsuit over stock option grant irregularities and may be forced to return the monies they made from grants received as part the co's executive stock compensation plan, if the lawsuit is successful. Details of the lawsuit, which were exclusively obtained by AppleInsider this week, reveal that the allegations extend to the highest mgmt levels, including former CFO and current board member Fred Anderson, iPod chief Jon Rubenstien, former Chief Technology Office Avi Tevanian, current Vice President of Retail Operations Ron Johnson, and current Executive Vice President and COO Tim Cook. It also names as defendants all members of the co's current Board of Directors, with the exception of Former Vice President Al Gore. In total, the lawsuit alleges that 18 executives and directors manipulated the option grant dates of certain stock options to maximize their own profits from the co's stock compensation plan, violating Generally Accepted Accounting Principles as well as its own shareholder-approved stock plan. Upper mgmt also, it claims, intentionally provided false documentation to the SEC.