Apple Clears Steve Jobs in Stocks Probe

http://www.pcworld.com/article/id,128352/article.html#
from WinCustomize Forums

Apple has restated their financial results for the last three years, and would take a charge of $84 million.  An internal investigation has found that while Steve Jobs was aware of the irregularities, he did not benefit financially from them.

"The investigators found that Apple made a number of stock grants where the grant dates were intentionally selected to obtain favorable exercise prices. They reported serious concerns over the way that two former officers, whom Apple did not name, accounted for stock option grants.

Jobs appeared to have been exonerated by the investigation, however. "The board of directors ... has complete confidence in Steve Jobs and the senior management team," Apple said in its statement. "

Read more at the article below.

2,793 views 2 replies
Reply #1 from WinCustomize Forums Top
Apple exonerated Steve in October, they just brought that out again now.

Jobs was handed 7.5 million of stock options in 2001 without required authorization from the company's board of directors. The options were backdated to ensure a favorable price. Later, the company would falsify records to show that the appropriate meeting had taken place.

As far as I know, the SEC continues to investigate. Quoting from the PC World article that you link to "Apple warned that the investigation and related legal and other services could weigh down its business in the future. It also warned that the situation has exposed the company to litigation risks, including one lawsuit filed in August. That case, in the U.S. District Court for the Northern District of California, alleges improper backdating of stock option grants."
Reply #2 from WinCustomize Forums Top
Apple cleared the boss AND senior management of wrong doing.......... In other breaking news sh1t stinks
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