Jul 5 2006
Uh boy…Apple being sued over stock option grants
The bad news is, according to the press release issued by Apple this afternoon;
Apple today announced that it has been notified of derivative lawsuits filed in the United States District Court for the Northern District of California and the Superior Court for Santa Clara County. Both suits make claims against current and former officers and directors with respect to the company’s awarding of stock option grants.
Last week, Apple proactively announced that it had discovered irregularities in the issuance of certain stock option grants and is conducting an independent investigation into the matter. The company is currently evaluating its response to the lawsuits.
The good news, for those of you who have been looking for an opportunity to buy Apple stock, is that Apple stock is down to about $57/share and it might be an excellent time to buy.
Note:Rick Yaeger and the other writers and members of the MacMerc.com community are not financial experts and offer their stock buying advice as rank amateurs and nothing more. If you lose your shirt, don’t ask us to help you find it.