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.