A New York pension system will be the lead plaintiff in a shareholders lawsuit accusing Apple of securities violations over backdated stock options. The New York City Employees' Retirement System was named the primary plaintiff in the lawsuit Friday by U.S. District Judge Jeremy Fogel, according to Grant & Eisenhofer, the law firm representing the group. The pension system, which manages about $89 billion in retirement assets for more than 200,000 municipal employees in New York City, holds about 1 million shares of Apple stock.
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Apple chief executive Steve Jobs waited two-thirds of a year to report his receipt of 7.5 million improperly backdated stock options, a U.S. probe finds. The timing beat the federal deadline, but broke with common practice among other Apple officers and directors, who submitted similar reports within weeks, according to reports. "That's clearly an anomaly worth pursuing," former U.S. prosecutor Michael Levy of the white-collar group at the McKee Nelson law firm in Washington said.
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At its very core, Apple is all about creative genius, inspired interfaces and simplicity cased in elegant convenience. Its shocking and exhilarating move from the Mac for professional creatives to creative iPods for the masses has indeed been awe-inspiring. Now Apple is positioning to move from the street beat of portable MP3 players to the sanctity of American living rooms. The question is, will Apple peel out on the race for dominance in the home?
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Everywhere you turn these days, someone is pushing video -- on the Internet, on portable media players, even on cell phones. What's omitted by many enthusiastic purveyors of this electronic marvel, though, is that the digital video scene is a jungle of befuddling and confusing formats, a system more conducive to frustration than elation. That jungle is thickest when a user is trying to move video to a portable player. Apple has made the process a bit simpler by building conversion features into its iTunes software. However, if you're not iPod-centric, things can get dicey.
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In the competitive world of digital music download services, Ruckus Network upped the ante by announcing it is offering free music downloads to any college student. The Herndon, Va.-based company gets its revenue from selling advertising instead of charging users to download files. Under the new system, any student with an e-mail address ending in ".edu" will be able to sign on to Ruckus and download songs from a library of more than 2.1 million tracks, the company said.
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