Apple backdating settlement
Continue Reading On January 27, 2010, NERA Economic Consulting released its updated annual review of Canadian securities class litigation entitled "Trends in Canadian Securities Class Actions: 2009 Update" (here). Continue Reading Over the years, legislative reforms of the U. securities laws have cycled back and forth, between initiatives, on the one hand, to discourage abusive litigation and, on the other hand, to restrain corporate misconduct.The report presents an interesting study of the evolution of class action litigation in a jurisdiction outside the U. In the current Wall Street bailout, post-Madoff environment, sentiment may be running high for legislative reforms that could expand liabilities under …Heinen left Apple shortly before the company admitted to irregularities in its handling of executive stock option dating, and retained two criminal lawyers.Neither Heinen nor Apple commented on her departure other than to confirm it.On April 24, 2007, the SEC filed charges alleging that she caused Apple to backdate large option grants and altered corporate records to hide the actions.According to the SEC press release, "Heinen is charged with, among other things, violating the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934, lying to Apple's auditors, and violating prohibitions on circumventing internal controls" based on options awarded to Steve Jobs (dated October 19, 2001 but allegedly granted in December 2001) and also option grants awarded to top company executives, including Heinen (dated January 17, 2001, but allegedly granted in February 2001).Continue Reading For a period beginning in 2006, plaintiffs’ lawyers filed a wave of options backdating securities class action lawsuits.Almost all of these cases have now been resolved, although one case continues to grind through the appellate courts.
Regulators said the action allowed Apple to avoid million in expenses.
Nancy Regina Heinen of Portola Valley, California, was the General Counsel and Secretary for Apple Computer, Inc.
(now Apple Inc.) between September 1997 and May 2006.
Steve Dowling, a spokesman for Apple, declined to comment on Jobs's conversations with Anderson.
Dowling emphasized that the SEC did not "file any action against Apple or any of its current employees." Government authorities praised Apple for coming forward with the backdating problems last year and for sharing information with investigators.