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Stockholders struck down in backdating row
Apple scored a court win yesterday in its backdating case, but all you Jobs-lovers may want to wait before popping the corks just yet.
This case had nothing to do with the SEC investigation, in which the feds have not completely ruled out charging individuals. It was related instead to a class-action lawsuit brought against the company by some disgruntled investors.
The suit had been brought forth by the New York City Employees Retirement System, who own shares in Apple stock. They claim that Apple's back-dating row and the $84m revenue cut that came with it caused them to lose money.
Unfortunately, in order to sue someone for damages, you have to actually have incurred some sort
of loss. The judged took this into account when looking at Apple's stock performance, and promptly dismissed the suit, noting that there was no reason to believe that the back-dating scandal had any sort of negative impact on Apple's stock price.
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