Let the games begin.
Not only is the SEC looking into the options backdating problems at Apple (AAPL), but The New York City Employees’ Retirement System is suing the big consumer electronics and computer company for the options mess and is asking for damages.
The pension fund is no small operation. It manages $89 billion. And, they are seeking class action status along with other firms.
The Washington Post also reports that Steve Jobs waited "about two-thirds of a year to report the receipt of 7.5 million options that the company admitted last month were improperly backdated".
Although Apple’s shares have dropped from $97.80 to $85.70 recently, with the iPhone a few months off and troubles appearing to be mounting on the legal front, there may be a lot of dead air under Apple’s share price.
Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.
Top Gaining Stocks
Top Losing Stocks