Stock option backdating cases professional singles dating online
(The practice seems to have been particularly popular in the tech sector.) In 2007, New York City's municipal employee pension fund sued Apple over the backdated options.
A federal judge dismissed the case but class-action lawyers working for the pension fund kept the litigation going.
Anderson settled his case, but Heinen is still on the hook and expects to go to trial sometime next year.
Mather, Anderson and Heinen, through their lawyers, have strenuously denied wrongdoing.
No one's pay was "inflated" by backdating, unless you assume that the alternative would have been awarding executives exactly the same number of options at less-advantageous prices.
Which, of course, you shouldn't assume since any sensible employee can see that if his each stock option is worth less, he should get more of them.
Ann Mather, who worked as chief financial officer of Pixar Animation Studios before then-chief executive Jobs dealt Pixar to Walt Disney Co.
The move came almost exactly a year after the SEC filed similar charges against former Apple CFO Fred Anderson and former general counsel Nancy Heinen.
The basic idea was that many companies seemed to award stock options on days when their stocks were at low-points, which increased the value of the options when the stock increased and made the stock cheaper to buy for the executives.SAN FRANCISCO (Market Watch) -- Steve Jobs has managed to revolutionize both the consumer electronics and entertainment industries, but the onetime wunderkind can't seem to shake the stigma of the stock-options backdating scandal that enveloped Silicon Valley in recent years.This week, another former confidante to Jobs came under the microscope of federal regulators.Given that the class attorneys are negotiating money for third parties instead of their own putative clients (for their own benefit, no less), there is also a breach of fiduciary duty that raises questions whether the class attorneys meet the Rule 23(a)(4) standard.The settlement is further problematic in that the vast majority of class members are entitled to zero compensation; it is far from clear that the sole lead plaintiff is a member of this subclass.
Eventually, Apple settled the case, to the tune of $20.5 million.