Apple Computer has been hit with two lawsuits related to a disclosure that it is investigating irregularities related to stock option grants, the company announced Wednesday.
The lawsuits were filed in the Northern District of California and the Superior Court for Santa Clara County and make claims against current and former officers and directors, the company said in a statement.
Angry shareholders tend to come out of the woodwork when irregularities are disclosed, and the recent upheaval over the practice of "back-dating" stock options to guarantee investment gains has spread across Silicon Valley. CA, Marvell, McAfee, Mercury Interactive and Maxim Integrated Products are just some of the companies under scrutiny for the practice. CNET Networks, publisher of CNET News.com, has also disclosed that the Securities and Exchange Commission has made an informal inquiry into its stock-option practices.
Apple has hired an independent counsel to investigate its own practices, it said last week. On Wednesday, the company said that it is currently evaluating its response to the lawsuits.