re shareholders' suit
Washington Post reports a New York pension system will be the lead plaintiff in a shareholders lawsuit accusing Apple of illegally backdating stock options. The New York City Employees' Retirement System was named the primary plaintiff in the lawsuit Friday by U.S. District Judge Jeremy Fogel, according to Grant & Eisenhofer, the law firm representing the group.
My question is, what damages will they claim?
Assuming they've held the million shares since the date of the options grant, they've done pretty well on the shares ;-)
I'm guessing they are pursuing remedies under federal securities statutes rather than seeking remedies on behalf of the company in a shareholder derivative suit. Anyone with info links is invited to post them.
Take care,
--Tex.
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