Apple’s stock options accounting nightmare just never seems to go away, with papers filed last week in the Superior Court of California, County of Santa Clara claiming new evidence proving management were "aware of and participated in the backdating scheme".
The case, number 1-08-CV-110403, was filed by the Boston Retirement Board, claiming new evidence to have been unearthed as a result of an investigation of Apple’s own confidential records. Boston Retirement Board says it cannot describe this evidence at this stage of the court filing because the court has not ruled yet on how the confidential information should be treated.
It says the evidence may have to be submitted in a sealed form to the court, arguing that the case should be heard (even though the window in which such a case could be filed has passed) because of the time it took to secure the necessary clearance to examine Apple’s confidential papers.
Papers have been filed against Jobs and former/current Apple directors/officers: William Campbell, Millard Drexler, Arthur Levinson, Jerome York, Gareth Chang, Edgar Wollard, Fred Anderson and Nancy Heinen.
The Boston Retirement Board is attempting to prove Apple wasted more than $105 million on the extra value of backdated stock options granted to CEO Steve Jobs, reports FindLaw.com. It alleges Jobs and the directors knew options were not dated correctly. We’re just hoping the fallout from Apple’s admitted mistake fades away.
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