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    AAPL   US0378331005

APPLE INC.

(AAPL)
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APPLE : officers settle shareholder suits for $14 million

09/10/2008 | 07:57pm EDT

LOS ANGELES (Reuters) - A federal judge in San Jose has given preliminary approval to a $14 million settlement of shareholder derivative claims against current and former Apple Inc executives, court documents showed.

The current and former executives and directors, including Chief Executive Steve Jobs, agreed to repay Apple $14 million within 30 days of the date the settlement is finalized, the documents, filed on Monday, showed.

The defendants also agreed to pay a total of nearly $9 million in fees and expenses to lawyers who brought the state and federal actions that were later consolidated.

U.S. District Judge Jeremy Fogel gave preliminary approval to the proposal and set a hearing for October 31 to finalize it.

Apple had no comment on the proposed settlement on Wednesday. The shareholders' attorney could not be reached for comment.

Shareholder derivative actions are brought by shareholders on behalf of a corporation, generally against officers and directors accused of harming the company or breaching their fiduciary duty to shareholders.

Under the proposed settlement, Apple agreed to implement certain corporate governance reforms and modify its existing process for granting and documenting stock options and other equity awards.

The shareholder actions, filed in 2006, accused Apple executives and directors of breaches of fiduciary duty, corporate waste, unjust enrichment and violations of state and federal laws related to alleged stock options backdating.

The lawsuits, which at one time numbered 21 in state and federal courts, followed Apple's disclosure in 2006 that it had discovered irregularities related to stock options grants made between 1997 and 2001, and had to take an $84 million charge.

The defendants included Jobs, former Chief Financial Officer Fred Anderson, former General Counsel Nancy Heinen, Chief Financial Officer Peter Oppenheimer, Chief Operating Officer Timothy Cook, Senior Vice President Ronald Johnson, former executives Avadis Tevanian, Mitchell Mandich and Jonathan Rubinstein, and board members William Campbell, Millard Drexler, Arthur Levinson and Jerome York.

All of the defendants agreed to the settlement, according to court documents.

(Reporting by Gina Keating; Editing by Andre Grenon)


© Reuters 2008
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Financials (USD)
Sales 2021 365 B - -
Net income 2021 93 366 M - -
Net cash 2021 78 467 M - -
P/E ratio 2021 26,3x
Yield 2021 0,59%
Capitalization 2 411 B 2 411 B -
EV / Sales 2021 6,39x
EV / Sales 2022 6,17x
Nbr of Employees 147 000
Free-Float 99,0%
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Technical analysis trends APPLE INC.
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 47
Last Close Price 145,86 $
Average target price 162,20 $
Spread / Average Target 11,2%
EPS Revisions
Managers and Directors
Timothy Donald Cook Chief Executive Officer & Director
Luca Maestri Chief Financial Officer & Senior Vice President
Arthur D. Levinson Independent Chairman
Kevin M. Lynch Vice President-Technology
Jeffrey E. Williams Chief Operating Officer
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