How Jobs dodged the stock option backdating bullet - CNET

IDG News Service Oct 4, 1: CEO Steve Jobs apologized to shareholders Wednesday after an internal investigation found that he had been aware of the company's practice of backdating employee stock options. A three-month investigation by Apple's board of directors found that the company had backdated option grants made on 15 dates between and Its findings raised "serious concerns" about the roles that two former officers had played in the matter, Apple said.

Apple did not identify the former officers, but the chief financial officer at the time of the grants, Fred Anderson, has resigned from Apple's board of directors, saying that this is "in Apple's best interests," the company announced. Although investigators found no misconduct by any member of Apple's current management, Jobs was aware of "a few instances" of the practice, Apple said.

Apple settles stock-option backdating lawsuit | Computerworld

Jobs did not benefit from the backdated grants and "was unaware of the accounting implications. A number of Silicon Valley companies have been embroiled in the growing controversy over the practice of backdating, or allowing employees to be granted stock options dated from an earlier time, when the trading price of the options was lower.

Apple believes it will have to restate its past Securities and Exchange Commission filings in order to record charges for its option grants. The company is working "to ensure that this never happens again," Jobs said. This ad will close in 20 seconds.

Apple's Options Backdating Scandal

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Sorry There was an error emailing this page. By Robert McMillan IDG News Service Oct 4, 1: Stock options backdating scandal turns criminal. Apple finds more stock option 'irregularities'.

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