The shareholders claimed in the June 2006 lawsuit that company directors and officers, including CEO Steve Jobs, committed fraud when they backdated some awards made between 1997 and 2001 to time the options when prices were low and boost later payouts. Judge Jeremy Fogel of the U.S. District Court for the Northern District of California ruled Monday that claims alleging fraud in some proxy statements were filed after the federal statute of limitations had expired.However, he gave the plaintiffs an option to amend their complaint to change their arguments.

Fogel ruled that the lawsuit raised some valid arguments but said its claims against Jobs and other officers did not contain enough detail. Lead plaintiffs' attorney Mark Molumphy said Tuesday he intends to refile the case focusing on issues the judge identified, according to the AP.