Following Apple Computer's recent announcement that it had discovered irregularities related to the issuance of certain stock option grants made between 1997 and 2001, it emerged that the company is facing 'derivative' lawsuits, which are filed by shareholders claiming to act on the company's behalf.
According to Apple, one of the grants in question was to CEO Steve Jobs, but it was subsequently cancelled and resulted in no financial gain to the firm's CEO.
A special committee of Apple’s outside directors in late June hired independent counsel to perform an investigation, and informed the SEC.
Last Wednesday, Apple announced that it had been notified of derivative lawsuits filed in the United States District Court for the Northern District of California and the Superior Court for Santa Clara County.
Both suits make claims against current and former officers and directors with respect to the company's awarding of stock option grants.
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