“The pension fund for New York City’s public employees is pushing forward with its suit against Apple Inc. even though a federal judge’s ruling suggests shareholders don’t have a case against the company. A ruling last month by Judge Jeremy Fogel of U.S. District Court in San Jose, Calif., said the New York City Employees’ Retirement System could not sue Apple over backdating stock options. Because Apple’s stock has soared in value in recent years, Judge Fogel ruled that NYCERS hadn’t suffered damages. He advised NYCERS to join a derivative suit, on behalf of the company, which would mean plaintiffs would not stand to receive payouts. NYCERS decided not to heed the advice,” Joseph Goldstein reports for The New York Sun.
Full article here.
David Zeiler writes for The Baltimore Sun, “Talk about ungrateful… Over the course of 2006 AAPL went up, erasing any temporary setbacks caused by the backdating issue. The stock opened the year at $71.89 and closed it at $84.84. What possible damages could Apple owe any shareholders after achieving such extraordinary gains?”
“Not only is this lawsuit utterly futile, it could harm the very pension fund it is supposed to protect. Did NYCERS ever consider that filing and re-filing lawsuits against Apple could negatively affect the stock price? Wall Street has mostly forgotten about the whole thing; NYCERS would be wise to forget about it as well and save itself the lawyer’s fees,” Zeiler writes. “Instead of filing lawsuits, NYCERS should be writing Apple thank-you notes.”
Full article here.
$184.84?
Litigation lawyers can’t cut and run. Apple should pound them into the ground, deeply.
The simple solution is this – NYCERS is (are?) not interested in shareholder value. They are interested in hurting Apple.
Some lawyers are evil. Did I say some?
Whooooops!!! Didn’t see that they were referring to 2006. Sorry!
I’d say they have their NYCERS in a twist.
Why does new York hate Apple so much?
If you hate Apple, you hate America and the terrorists win.
We need to bomb Iran in order to stop this lawsuit.
No, C1. They are only interested in lining their own pockets. It has nothing to do with hurting Apple.
FSCK lawyers!!!
(except when you need one)
New York does not hate Apple… At least not from what I have seen.
Giuliani probably has something to do with this.
We do need to bomb Iran. They will be a big problem very soon. And Russia is cheering them on.
I blame Karl Rove.
And some mobs just have a pension for lawsuits.
There will be big winners after this lawsuit goes through!
“Winner” = Every lawyer involved, no matter what the outcome.
Typical lawyers and Typical NCYERs. Sorry NCYERs but you know it’s true, scrape for every penny even if it means shutting down the very thing that constitutes the bread and butter you and the rest of us clamor for. Do the right thing, call your legal reps. and call it off before you break something important to all of us.
Steve516
Sarcasm. There needs to be an emoticon.
Just sayin.
Hope Apple’s lawyers crush NCYERs lawyers into Apple juice.
The rest of the shareholders should sue The pension fund for New York City’s public employees for trying to negatively impact the stock price.
Smells like microsoft’s laiyers, sorry, I mean lawyers in that case.
@Woody. You’re right, make sure to bomb Iran. After all, the President said they’re building a weapon of mass destruction. We all know he’d never lie about something like that.
That sucks. I love Apple. I go to sleep by the glo of my blinking MBPro sleep light.
I miss the good old days where everyone would leave Apple alone.
Gosh Darn it.
Fiddlesticks.
Its a shame how 99% of lawyers give the other 1% a bad name
sounds like NYCERS is more interested in lining their pockets than defending any ‘principle’ that may be involved. i mean, kinda says it all in this statement, “he advised NYCERS to join a derivative suit, on behalf of the company, which would mean plaintiffs would not stand to receive payouts. NYCERS decided not to heed the advice.” If they’re suing merely as a matter of principle, they’d been happy to continue with no intentions of getting payouts, rite?
Just my 2¢
@Maromancer
Sarcasm. There needs to be an emoticon.
</sarcasm> works.
It’s all about Money. The Fund sold all their AAPL in 2006 (at a profit). The sourgrapes is that if they had held it through 2007 the funds profit on AAPL stock if sold today (or at it’s all time high) would have been huge.
I’d bet that the $$$$ they sue for equal the difference in what they sold AAPL for in 2006 and AAPL’s all time high on the filing date (currently at $200.00).