As the Nasdaq closes in on the all-time high it reached in 2000, investors are facing a market that barely resembles the go-go era of 15 years ago.» Read More
Apple's report that "cleared" CEO Steve Jobs of any irregularities in the stock options backdating issue--is not sitting well with some stockholders. A lawsuit has been filed against Apple and Jobs as a result. Mark Molumphy is a partner in the law firm of Cotchett, Pitre, Simon & McCarthy. They're the lead firm filing the suit. Molumphy appeared on "Squawk Box" to discuss the action.
Just a day before Apple files its delayed annual report, some blockbuster news is being digested, courtesy of the Financial Times: Steve Jobs receives 7.5 million options without board approval. And even worse, documents were forged, the article says -- courtesy of sources close to the investigation -- by Apple execs to cover up the misappropriated options. If the news is true, it's stunning. It taints Steve Jobs, possibly beyond repair. And it would taint a company so totally driven my "image" and good PR. That is, if the the news is true.