Apple hit by new stock fraud suit

Apple is facing a new class action lawsuit against the company, two former executives and several members of the Board of Directors, over the backdating of stock options .

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Apple is facing a new class action lawsuit against the company, two former executives and several members of the Board of Directors, over the backdating of stock options .

The suit targets former CFO Fred Anderson, former counsel Nancy Heinen, CEO Steve Jobs and board members William Campbell, Millard Drexler, Arthur Levinson, and Jerome York.

It alleges the accused intentionally filed false documents, concealing stock option grants to executives.

"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," reads the complaint.

"Here, Jobs and the Individual Defendants clearly appreciated the fraudulent nature of their conduct."

Apple uncovered irregularities in stock option grants in June 2006 and immediately launched an investigation. Six months later Apple released its findings and cleared CEO Steve Jobs of any wrongdoing. That left the blame to fall to former CFO Fred Anderson and former counsel Nancy Heinen.

The US Securities and Exchange Commission (SEC) later charged Heinen with fraudulently backdating stock options. Anderson agreed to a multimillion dollar settlement.

This is not the first lawsuit brought in the backdating scandal. An earlier lawsuit filed by the New York City Employees' Retirement System was dismissed in 2007.

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