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Apple stock options probe reports no misconduct
Corporate Governance |
2007/01/02
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| Apple Computer, Inc. Friday disclosed the findings of an internal report into alleged stock option manipulation by senior managers, including CEO Steve Jobs, purporting to clear its executives of any wrong-doing and concluding that Jobs did not "financially benefit" from stock options, despite knowledge of favorable grant dates. Apple was facing a US Securities and Exchange Commission (SEC) probe in connection with various alleged securities violations, including a failure to properly disclose option backdating. After concluding the internal investigation, Apple restated its yearly financial statements with the SEC, completing a three-month probe. |
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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