Today's litigation lesson: If you're going to sue Apple over backdated stocks and claim they diluted the company's stock price, make sure it actually dropped; or at least make sure it didn't soar.
U.S. District Judge Jeremy Fogel said as much before granting Apple's motion for dismissal on Wednesday. Last August, the New York City Employees' Retirement System, the lead plaintiff in the case, filed suit against Steve Jobs and 13 other current and former members of the company, claiming that Apple's issuance of 200 million improperly accounted shares to executives unjustly diluted the company's stock price.
In the end, though, the retirement board acknowledged that Apple's stock price, well, it didn't actually fall as a result of the backdating -- a slight problem considering that's generally a prerequisite for shareholder claims against corporations. After dismissing the case, Judge Fogel did say the retirement board could amend and refile its suit if it could show some serious Apple perpetrated injury.
Photo: thms.nl
[Via Apple Insider]
