Apple sued over stock option grants

Apple has disclosed that two derivative lawsuits have been filed against its current and former officers and directors relating to the company’s awarding of stock option grants. The suits were filed in the United States District Court for the Northern District of California and the Superior Court for Santa Clara County. Last week, Apple proactively announced that it had discovered irregularities in the issuance of certain stock option grants. The company is conducting an independent investigation into the matter and said it is currently evaluating its response to the lawsuits.