“Attorneys in a shareholder lawsuit against Apple Inc. over its backdating of stock options said Tuesday they plan to refile some of the claims,” The Associated Press reports.
“Judge Jeremy Fogel of the U.S. District Court for the Northern District of California ruled Monday that claims alleging fraud in some proxy statements were filed after the federal statute of limitations had expired,” AP reports. “But he gave the plaintiffs an option to amend their complaint to change their arguments.”
“Fogel ruled that the lawsuit raised some valid arguments but said its claims against Jobs and other officers did not contain enough detail,” AP reports. “Lead plaintiffs’ attorney Mark Molumphy said Tuesday he intends to refile the case focusing on issues the judge identified. ‘The discovery we have so far has made the case stronger,’ he said but declined to explain.”
Full article here.
Because certainly the stockholders have been SO damaged over the last 5 years.
This is one stockholder who wishes they would just STFU.
Why do these people continue to waste everyone’s time and resources to pursue this dead issue. No one was harmed by what happened. They have spent more time and money that what this whole thing is worth.
I second Macromancer.
STFU!!
As an Apple shareholder I say to hell to Molhumpty Dumbty. Sounds like he doesn’t know how to properly file a lawsuit.
STOP BITING THE HANDS THAT FEED ME
YOU FOOLS I WISH I COULD PICK WHO BUYS ME
I am a stockholder and I say that this law suite is damaging the company because it distracts the attention of the executives from their daily work to double and then triple my fortune >:)
Over 7000 shares and counting…
I’d like to file a class action lawsuit against prinicipal attorney Mark Molumphy and Cotchett, Pitre & McCarthy as well as the group of shareholders in this suit for actual and punitive damages.
Go Ampar do it. We write that class action lawsuite under immediately
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Actually, that’s an interesting idea! As a shareholder, I would sign up in a heartbeat.
Or as Yoda would say: TFSU.
Ampar, I’ll bet you could get a lawyer to sue himself.
I’m not a lawyer, but wouldn’t the plaintiffs have to show that they were financially damaged to prevail in court? Could that even be argued (with a straight face I mean) given the tremendous run-up in the stock price in the last 18 months or so?
The title of this story needs to be changed……. as they state in the 1st line…. “Attorneys in a shareholder lawsuit”….
What it should read is “Money hungry, grubby lawyers are mis-representing shareholders”
Chances are that a few lawyers get to split LOTS of money and LOTS of shareholders will split a minority of the settlement…..
This crap should be illegal….. they need to set limits on how much an individual lawyer can make based on how much each person in a class action will get.
“I’m not an attorney, but I play one in an insane asylum…”
Apparently these people learned from Ronnie Earle. Keep filing until you get the answer you paid for.
As another shareholder I’m with you Ampar.
I’d love to meet those guys face to face to ‘discuss’ what they are doing..
I hate when MDN gets the story wrong like this. The real story….
Microsoft issues new 7 figure check to Molumphy’s law firm for “Misc. consulting”. The memo on the check reads “Don’t fsck it up this time!”.
Just my $0.02
Makes you wonder if the clowns considered that the cost of Apple defending the case might exceed the losses resulting from any backdating of stock options…
“Makes you wonder if the clowns considered that the cost of Apple defending the case might exceed the losses resulting from any backdating of stock options…”
The lawyer for the plaintiffs is making big money. He’s not a clown.
I still don’t get it why are these moronic shareholders trying to devalue their own stock in order to transfer the company’s assets to their stinking lawyers. Yes the rest of the shareholders should file a class action suit against them!
If Jobs did an unethical deed, he should be responsible for it. However, SEC cleared Apple and Jobs in the backdating scandal. Now, a group of shareholders wants him gone and claims damages. The strange thing is the stock price keeps on increasing and the shareholders can get bigger and bigger profit. What damages are we talking about? Now consider if Jobs is gone. The stock price will tank — guaranteed — and the shareholders will be in real pains. Is this really what they want? If it is, they are truly moronic.
If a lawyer dies in the forest, does anybody really care?
“If a lawyer dies in the forest, does anybody really care?”
Why stink up a forest? Let them die in the sewer they inhabit.
The Securities and Exchange Commission moves very slowly but they rarely miss a trick (believe me I know). I’ve been telling everyone here at the office for over a year that the head iTard was jail-bound, but they thought he was gonna skate on this back-dating scandal thing. I predict that after testifying Jobs will be arrested and charged with perjury, extortion, collusion, conspiracy and contempt of court.It will happen something like this:
Jobs will be in the middle of one of his stupid presentations when State Troopers will grab him on stage, he will shriek, “Get your #%*^%$ hands off of me! I’m Steve Jobs! I invented the iPod, haven’t you heard of it?” Kicking and flailing he will attempt to bite one of the officers, then scream, “Don’t taze me bro!!!”, but they will, multiple times. I can see his limp body being dragged down the center aisle past all of the iTards.
Shortly thereafter Apple stock will collapse, the company will fold, Apple’s customers and employees will come crawling on their bellies begging me for help; it will be wonderful!
http://fakesteveballmer.blogspot.com
… ahhhhh, the justice system always wins! lol
I am a stockholder and I say STFU also. Just let it go…