Apple faces shareholder revolt

THE NORMALLY quiet shareholders at Apple have turned a volcanic puce colour over the antics of the executives in paying themselves a fortune in not so lily-white share option grants.

Two lawsuits have been filed against Apple by shareholders. One is in the federal court and the other in the State Court in California.

The Californian suit is making claims against current and former officers and directors, Apple admitted in a statement.

Last week, the maker of entertainment gear announced it had discovered irregularities in the issuance of certain stock option grants. It has reported the matter to the Securities Commission.

Apple added that it was conducting an "independent" investigation into the matter. We would have thought it impossible for Apple to conduct an independent investigation into itself however if Steve says it is possible it must be.

The outfit still has not worked out what to do about the writs either.

More on Reuters, here. µ