Last Friday, shareholder plaintiffs filed suit against San Jose District Court against Apple CEO Steve Jobs, former CFO Fred Anderson, ex-general counsel Nancy Heinen, and members of the company's board of directors looking to reclaim the $7 billion in lost stock value when the company restated its financials in the wake of a — let's say it — hopelessly boring stock-option scandal that takedown-hungry journalists cared about far more than their readers. Let's be real: If anyone really cared about Jobs's fudging of stock-options grant dates, would it have taken so long to drum up some outraged shareholders? This smells of bored lawyers. The old-news complaint:
The defendants knew that options were not granted on the dates that were disclosed to shareholders and falsified the company's records to create the appearance of illegality, and thus bear direct responsibility for their actions.
A previous suit was dismissed because the actions by Apple directors and executives in 2000 and 2001 were too old for courts to consider. We're not sure yet what's so different about this case, except that it's well-timed for bad publicity ahead of the iPhone 3G launch.(Photo by AP/Paul Sakuma)