New York City Employees' Retirement System was named lead plaintiff in a securities class action against Apple Inc., Cupertino, Calif., that claims the company was engaged in stock-options backdating, according to a statement by Grant & Eisenhofer, the law firm that represents the $38 billion pension fund.
The suit was filed "after the company's announcement ... that an internal investigation had discovered irregularities related to the issuance of certain stock option grants made between 1997 and 2001," according to an Apple 10-K.
Yvette Jackson, press officer for NYCERS, didn't return a call seeking comment.
Judge Jeremy Fogel of U.S. District Court for the Northern District of California in San Jose appointed NYCERS lead plaintiff Friday. NYCERS owns about 1 million shares of Apple stock.
