HARTFORD, Conn., Aug. 30, 2006 (PRIMEZONE) -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of all persons who purchased the securities of Apple Computer, Inc. ("Apple" or "the Company") (Nasdaq:AAPL) between December 1, 2005 and August 11, 2006, inclusive, (the "Class Period").
The Complaint alleges that Apple, and certain of its officers and directors, violated federal securities laws by issuing a series of materially false statements and omissions concerning Apple's practice of backdating stock options. This improper backdating masked the virtually instant profits the option recipients obtained. Under generally accepted accounting principles, these profits were required to be recognized as an expense in the Company's financial statements for the appropriate period, but were not. Thus, the Company's financial statements in its Form 10-K filing for the fiscal year 2005 and interim financial statements for 2005 and 2006 were materially false and misleading. In addition, the Company's Proxy Statement for its annual shareholder meeting held in 2006 was materially false and misleading because it contained statements concealing Apple's practice of backdating stock options.
If you are a member of the class, you may, no later than October 24, 2006, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz & Nobel has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com, or visit our website: www.snlaw.net.