World of Apple
This is a static archive of World of Apple, published by Alex Brooks between 2005 and 2015. Nothing here is live or updated since original publication.

Top Apple Execs Face Legal Action Over Backdating Fiasco

Top Apple executives including CEO Steve Jobs are once again facing legal action over the backdating scandal.

Last year Apple had the high profile case against the company dismissed after both the US Securities and Exchange Commission and an internal investigation.

Apple shareholders Kenneth Mahoney and Martin Vogel last week filed a new lawsuit that accuses co-founder Steve Jobs, other executives, and board members with damaging the company's share value through backdating, causing a 14 percent drop in the company's stock value during 2006 that wiped out about $7 billion of Apple's worth on the market in just two weeks.

According to the claim executives dated stocks that weren't revealed to shareholders and also falsified records.